Currently presiding over the Group of Twenty (G20), India has backed the Financial Stability Board’s (FSB) July recommendations for a global cryptocurrency framework. India emphasizes the need to address risks linked to digital assets, especially in developing economies.
On August 1st, India released its presidency note titled “Presidency Note as an input for a Roadmap on Establishing a Global Framework for Crypto Assets” contributing to the worldwide crypto framework. This aligns with the FSB, Financial Action Task Force (FATF), and International Monetary Fund (IMF) directives.
However, the note adds some suggestions, highlighting the concerns of developing nations. While the IMF considers developing economies in its crypto guidelines, India wants the FSB to do the same.
The note urges outreach to all jurisdictions, starting with high cryptocurrency adoption counties. It aims to extend regulations beyond G20’s scope to the wider digital economy.
The note reveals an upcoming Synthesis Paper by IMF and FSB, expected by the end of August. The G20 will discuss this roadmap.
FSB previously issued comprehensive guidelines for cryptocurrencies and stablecoins in July. They emphasize the clear separation between client assets and platform funds, setting operational functions, cross-border cooperation, and oversight. Stablecoin issuers need a national license before operating.
Also Read: BIS Report Supports CBDC & Raises Concern For Crypto in G20
