The Reserve Bank of India (RBI) says one of the priorities for the G20 under India’s presidency is to “develop a framework for global regulation, including the possibility of prohibition, of unbacked crypto assets, stablecoins, and defi.” The Indian central bank warned that “turmoil in crypto assets market” is among “the major risks that can potentially undermine global financial stability.”

Ajay Seth, India’s economic affairs secretary, said earlier this month that the G20 members aim to build a policy consensus on crypto assets for better global regulation. Indian Finance Minister Nirmala Sitharaman said in October that crypto will be part of India’s agenda during its G20 presidency, adding that she hopes a technology-driven regulation framework for crypto assets will be established.