The basis of coming global crypto rules will be formed on a new synthesis paper, jointly produced by the International Monetary Fund (IMF) and the Financial Stability Board (FSB), announced India as the holder of the Group of 20 (G20) Presidency in Bangalore on Saturday.
The announcement came after three days of meetings in India amongst the 20 largest economies of the world, collectively known as the G20, in which creating a global regulatory framework for crypto was a priority.
The discussions held between the G20 Finance Ministers and Central Bank Governors were expected to chart 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, 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.
Sitharaman also said that Canada’s central bank governor cautioned other members that crypto assets should not be given “regulatory seal of approval” without a well-thought-out approach and a framework for implementation.
“The World Bank stated that views of all developing countries should also be included in any (crypto) policy framework,” Sitharaman added.
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.
DISCLOSURE
Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.
The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.
:format(webp)/s3.amazonaws.com/arc-authors/coindesk/90491bbe-e3ba-407c-8d51-38d2c4c7cba3.png)
Amitoj Singh is CoinDesk’s regulatory reporter covering India. He holds BTC and ETH below CoinDesk’s disclosure threshold of $1,000.
Learn more about Consensus 2023, CoinDesk’s longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.
Amitoj Singh is CoinDesk’s regulatory reporter covering India. He holds BTC and ETH below CoinDesk’s disclosure threshold of $1,000.
Read more about