As per the statement made by the G20, a collective of the world’s 20 biggest economies, on February 25, the Financial Stability Board (FSB), International Monetary Fund (IMF), and Bank for International Settlements (BIS) will contribute reports and propositions to create a global framework of regulations for cryptocurrencies. In September, when the next set of regulations is expected to be announced, the FSB and the IMF want to jointly publish a synthesis study including the macroeconomic and regulatory perspectives on crypto assets.
In September, when the next set of regulations is expected to be announced, the FSB and the IMF want to jointly publish a synthesis study including the macroeconomic and regulatory perspectives on crypto assets. Together with a report on the potential macro-financial effects of their broad adoption, the IMF will also publish a research on central bank digital currencies in the same month (CBDCs). Between July and September, the institutions will publish a number of papers and proposals outlining criteria for a worldwide crypto legislative structure. Furthermore, the BIS will submit a paper on analytical, theoretical, and potential risk-mitigation problems in relation to crypto assets. The paper doesn’t state when it must be submitted. Also, the use of cryptocurrency to finance terrorism will be examined by a G20 financial task group.
The statement was made in Bengaluru, India, after two days of business conferences. Shaktikanta Das, the governor of India’s central bank, stated during the event that the G20 countries’ perceptions of cryptocurrency assets underwent a significant change in 2022, which led to the failure of numerous significant crypto firms, including FTX, and worldwide contagion. At the first finance meeting conducted under India’s president, the committee discussed crucial financial stability and regulatory challenges for virtual assets, according to Cointelegraph.
According to US Treasury Secretary Janet Yellen, it is essential to put in place a solid regulatory framework for activity connected to cryptocurrencies. According to her, the country opposes the outright outlawing of crypto activity. IMF managing director Kristalina Georgieva said that the G20 should have the option of outlawing cryptocurrency at a press conference held in advance of the event.