FSB, IMF Paper On Crypto Rules Soon
The International Monetary Fund (IMF) and the Financial Stability Board (FSB) jointly produced a new synthesis paper, which announced India as the holder of the Group of 20 (G20) Presidency in Bangalore on February 25th.
The announcement came after three days of meetings in India among the world’s 20 largest economies, known collectively as the G20, with a focus on developing a global regulatory framework for cryptocurrency.
The G20 Finance Ministers and Central Bank Governors’ meeting was expected to chart the course 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, said Indian Finance Minister Nirmala Sitharaman during a press conference.
Asked whether consensus around global crypto regulation that India had prioritised for its G20 presidency will arrive during India’s term, Sitharaman said “first of all we are going through the study process so that their can be informed discussions.”
“Something should develop,” Sitharaman added while referring to FSB’s expected paper in July that will lead to the synthesis paper by September.
India’s Central Bank Governor Shaktikanta Das said that there was a marked shift in perception around crypto assets by G20 nations in the past year which saw the collapse of several major crypto companies, including FTX, and a global contagion. There is a wide acceptance about risks involved in crypto assets now, Das said.
(With inputs from Shikha Singh)
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