The Financial Stability Board (FSB) and the International Monetary Fund (IMF) have circulated synthesis papers for regulating crypto assets among the member states ahead of G20 Conference of Finance Representatives member countries.
The synthesis papers, which will be made public on September 7, contain an overall blueprint for policy approaches and courses regarding the regulation of crypto, as per official sources.
On September 6, G20 countries’ finance representatives will meet and discuss issues such as debt pressures and digital public infrastructure in preparation for the leaders’ summit.
India and Italy have been chosen to co-chair the Global Partnership for Financial Inclusion (GPFI) for the upcoming 3 years. The GPFI is a selected platform and its goal is to advance financial inclusion for G20 countries, non-G20 countries, and relevant stakeholders.
The FSB released the initial report on the regulation of crypto assets in July, in which it mentioned some steps like data collection and reporting, cooperation between countries, a governmental framework, and the devolution of regulatory powers to authorities. Financial stability risks have been covered in the FSB report, but it did not enclose India’s major concern regarding crypto.
Also Read: Is Crypto Bill on India’s Agenda After the G20 Summit?
