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  1. Crypto Channel
  2. As Bitcoin Retreats, India Pushes for Crypto Regulation
Crypto Channel
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As Bitcoin Retreats, India Pushes for Crypto Regulation

Ben HernandezFeb 28, 2023
2023-02-28

More countries are proposing regulatory measures in the cryptocurrency market, including economic heavyweight India. The country is getting support from the International Monetary Fund (IMF) and the United States.

At a G20 seminar, India called for “a collective global effort to deal with problems caused by cryptocurrencies such as bitcoin, and the finance ministry said it had held a seminar for G20 member states to discuss how to come up with a common framework,” per a WION report. That became all too apparent after last year’s bear market in cryptocurrencies, culminating in the downfall of cryptocurrency exchange FTX.

This, however, doesn’t necessarily spell doom for cryptocurrencies. Adding a regulatory overlay in the crypto market could bring more investors into digital assets, particularly those who are hesitant due to a lack of regulation.

“We haven’t suggested outright banning of crypto activities, but it is critical to put in place a strong regulatory framework,” said U.S. Treasury Secretary Janet Yellen to Reuters. “We’re working with other governments.”

"Stubborn and Sticky" Inflation Moves Bitcoin

Bitcoin, in the meantime, has retreated from its recent highs to start 2023. As inflation fears once again grip the capital markets, the same downward pressure applied on traditional financial assets like stocks and bonds are also affecting cryptocurrencies.

That correlation was apparent last year as cryptocurrencies largely followed both stocks and bonds downward amid inflation fears and rising interest rates. The U.S. Federal Reserve has already acknowledged that it will take time in order to tame inflation, which means more volatility could be ahead for bitcoin and other cryptocurrencies.

“Inflation remains stubborn and sticky between 4%-5%,” tweeted RSM chief economist Joe Brusuelas. “Service inflation continues to increase with goods disinflation cooling. [The] risk of a March 50 basis point hike [is] rising and we are clearing moving toward a 5.5% policy peak at a minimum.”


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January Inflation & Policy Takeaway: inflation remains stubborn & sticky between 4-5%. Service inflation continues to increase with goods disinflation cooling. Risk of a March 50bps hike rising and we are clearing moving toward a 5.5% policy peak at a minimum. pic.twitter.com/SrF1D2BBdD

— Joseph Brusuelas (@joebrusuelas) February 24, 2023

For more news, information, and analysis, visit the Crypto Channel.

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