India Leads the Way in G20 Push for Global Crypto Regulation Based on Joint IMF-FSB Synthesis Paper
As the holder of the Group of 20 (G20) Presidency, India has announced that the coming global crypto rules will be based on a new synthesis paper jointly produced by the International Monetary Fund (IMF) and the Financial Stability Board (FSB). This announcement was made in Bangalore on Saturday after three days of meetings amongst the 20 largest economies of the world, collectively known as the G20, where creating a global regulatory framework for crypto was a priority.
Creating a Global Regulatory Framework for Crypto: A Priority for G20
During the meetings held between the G20 Finance Ministers and Central Bank Governors, discussions centered on charting the way forward for globally coordinated crypto rules. The synthesis paper will be submitted during India’s G20 Presidency, which culminates in September when India hosts G20 leaders from across the world. India’s Finance Minister, Nirmala Sitharaman, said during a press conference that the study process was ongoing to ensure informed discussions. FSB’s expected paper in July will lead to the synthesis paper by September, and Sitharaman is optimistic that something will develop.
Consensus Around Global Crypto Regulation Yet to Arrive
While cautioning against giving “regulatory seal of approval” to crypto assets without a well-thought-out approach and a framework for implementation, Canada’s central bank governor urged other members to ensure that the views of all developing countries were included in any policy framework. According to India’s Central Bank Governor, Shaktikanta Das, there has been a marked shift in perception around crypto assets by G20 nations in the past year. This shift comes after the collapse of several major crypto companies, including FTX, and a global contagion. There is now wide acceptance of the risks involved in crypto assets, Das said.
Source: CoinDesk
