The Reserve Bank of India published its latest Financial Stability Report December 2022.
The report said that in order to promote responsible innovation and to mitigate financial stability risks in crypto ecosystem, it is "vital for policymakers to design an appropriate policy approach". In this context, under India’s G20 presidency, one of the priorities is to "develop a framework for global regulation, including the possibility of prohibition, of unbacked cryptoassets, stablecoins and DeFi".