Global Crypto Rules to be Based on Coming FSB & IMF Synthesis Paper, India Says After G20 Meetings
- February 25, 2023
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A new synthesis paper, jointly produced by the International Monetary Fund (IMF) and the Financial Stability Board (FSB), will shape future global crypto rules. India was announced as the holder of the Group of 20 (G20) presidency on Saturday.
The announcement came after three days of meetings in India between the 20 largest economies of the world, collectively known as the G20, in which creating a global regulatory framework for crypto was a priority.
It was expected that the G20 Finance Ministers and Central Bank Governors would discuss how to coordinate crypto regulations globally.
Indian Finance Minister Nirmala Sitharaman told a press conference that the synthesis paper will be submitted during India’s G20 presidency in September.
When asked whether India would achieve consensus on global crypto regulation during its G20 presidency, Sitharaman replied: “first of all, we are undergoing the study process so that informed discussions can take place.”
The FSB is expected to publish a paper in July that will lead to a synthesis paper by September, Sitharaman added.
The governor of Canada’s central bank also advised other members not to approve crypto assets without a well-thought-out approach and a framework for implementation, Sitharaman said.
According to Sitharaman, “any (crypto) policy framework should include the views of all developing countries.”
After several major crypto companies collapsed in the past year, including FTX, and a global contagion, India’s Central Bank Governor Shaktikanta Das said there had been a marked shift in perception around crypto assets by G20 nations. Das said there is now a widespread acceptance of the risks associated with crypto assets.