Blockchain technology crosses boundaries; Global regulations are required: RBI Governor


Blockchain technology requires a globally coordinated regulatory approach as well as inter-regulatory coordination, according to Reserve Bank of India (RBI) Governor Shaktikanta Das on Friday (June 17).


Das also mentioned decentralised finance (DeFi), which is "the processing of financial applications on a blockchain with little or no involvement of centralised intermediaries." The governor stated that DeFi presents unique challenges to regulators due to its anonymity, lack of a centralised governance body, and legal uncertainties, which can render the traditional approach to regulation ineffective.

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