A new synthesis paper jointly prepared by the International Monetary Fund and the Financial Stability Board will form the basis of future global crypto rules. The announcement of India’s Group of 20 (G20), Presidency in Bangalore, Saturday, was made by the International Monetary Fund and the Financial Stability Board.
After three days of meetings between the largest 20 economies in the world (collectively known as the G20), the announcement was made. The meeting focused on creating a global regulatory framework to support crypto.
Discussions between Central Bank Governors and Finance Ministers from the G20 were expected to help chart the path forward for global coordinated crypto rules.
The synthesis paper will go before India’s G20 Presidency, which ends in September when India hosts G20 Leaders from around the globe. This was stated by Nirmala Sitharaman, Indian Finance Minister. Press conference.
When Sitharaman was asked if consensus on global crypto regulation, which India had prioritized for its G20 presidency, would be reached during India’s term he replied “first of all, we are going through our study process so that there can be informed conversations.”
Sitharaman said, “Something should evolve,” while referring to the July paper of FSB that will lead to September’s synthesis paper.
Sitharaman said that Canada’s central banking governor warned other members that crypto assets shouldn’t be given the “regulatory sealof approval”. This is because it requires a well-thought out approach and a framework to implement.
Sitharaman said that the World Bank had stated that all countries in need should be represented in any (crypto-) policy framework.
Shaktikanta Das, India’s Central Bank Governor, stated that crypto assets have seen a shift in the perception of G20 countries in the last year. This led to the collapses of many crypto companies including FTX and a global contagion. Das stated that crypto assets are now widely accepted.
Continue reading: India has resisted crypto. What will India do with its G-20 power?