India’s G20: Global Cryptocurrency Regulations to be Based on IMF, FSB’s Composite Document in September

At the G20 meeting in India, the world’s 20 largest economies announced after a three-day meeting that a comprehensive document jointly produced by the International Monetary Fund (IMF) and the Financial Stability Board (FSB) will form the basis for global cryptocurrency regulation. foundation, and said establishing a global regulatory framework for cryptocurrencies is a top priority.

Discussions between G20 finance ministers and central bank governors are expected to point the way forward for globally harmonized cryptocurrency regulation.

The comprehensive document will be presented during India’s reception of G20 leaders from around the world in September, Finance Minister Nirmala Sitharaman told a news conference.

Asked whether a consensus on global cryptocurrency regulation, which was a priority during India’s G20 presidency, would be reached during India’s tenure, Sitharaman responded, “First of all, we are still in the research process so that an informed discussion can follow. Referring to the FSB’s expected release of the document in July, the Finance Minister added that the document is expected to be ready by September.

Sitharaman also stated that the Governor of the Bank of Canada warned other members that crypto assets should not be given “stamp of approval” without a well-thought-out approach and implementation framework, Sitharaman added. should be included in any (cryptocurrency) policy framework.”

Shaktikanta Das, Governor of the Central Bank of India, said that in the past year, G20 countries have undergone a significant shift in their views on encrypted assets, and several major cryptocurrency companies, including FTX, have collapsed, and these effects are still spreading globally. It is high time that the risks involved in crypto-assets are widely accepted.”