The G20 Meeting of Finance Ministers and Central Bank Governors announced that the Financial Stability Board (FSB) and the International Monetary Fund (IMF) will prepare a technical paper that will serve as the basis for global rules on cryptocurrencies. The paper will guide international policymakers, regulators, and financial institutions in regulating the rapidly growing crypto industry.
At the G20 meeting held on February 24-25, representatives of the world’s largest economies discussed the need to regulate cryptocurrencies due to their potential to cause financial instability, lack of consumer protection, and harm to financial systems.
The Indian Finance Minister, Nirmala Sitharaman, announced that the FSB and IMF will release a synthesis paper in October 2023, which will serve as a basis for global cryptocurrency regulations. The paper will include input from governments, central banks, and industry experts and will provide an overview of the regulatory approaches taken by different countries.
Sitharaman also stated that India was in favor of a coordinated approach to crypto regulation rather than a patchwork of national regulations that could create inconsistencies and hinder the growth of the industry. She added that the FSB and the IMF’s paper would help countries develop a common set of standards for regulating cryptocurrencies.
