Bitcoin.comCryptos

G20 Countries to Build Crypto Policy Consensus for Better Global Regulation

The G20 countries aim to build a policy consensus on crypto assets for better global regulation. “After the crypto meltdown which we have seen recently, it is clear that we need internationally agreed standards on regulation,” said the International Monetary Fund (IMF)’s deputy managing director, Gita Gopinath.

G20 Nations Discuss Crypto Regulation

The G20 finance and central bank deputies met for the first time under India’s presidency on Dec. 13-15 in Bengaluru.

Ajay Seth, India’s economic affairs secretary, said at a news conference Wednesday that the G20 nations aim to build a policy consensus on crypto assets for better global regulation. Noting that the implications of crypto assets for the economy, monetary policy, and the banking sector should be studied for the creation of the consensus, Seth was quoted by Reuters as saying:

The regulation should flow from the policy view taken. In fact, one of the priorities which have been put on the table is to help countries build a consensus for policy approach to crypto assets.

The collapse of crypto exchange FTX has led to calls for better oversight of the crypto market. FTX filed for bankruptcy in the U.S. on Nov. 11 and former CEO Sam Bankman-Fried (SBF) was arrested this week. The U.S. government and regulators have brought several fraud charges against FTX and Bankman-Fried.

The members of the Group of 20 (G20) are Argentina, Australia, Brazil, Canada, China, France, Germany, India, Indonesia, Italy, Japan, the Republic of Korea, Mexico, Russia, Saudi Arabia, South Africa, Turkey, the U.K., the U.S., and the European Union. The group represents around 85% of the world’s GDP.

IMF’s Gita Gopinath on Globally Agreed Crypto Standards

The International Monetary Fund (IMF)’s deputy managing director, Gita Gopinath, said Thursday that the G20 under India’s presidency can make progress in three areas: debt management, crypto regulation, and climate finance. Gopinath is currently in India to attend G20 meetings.

She explained that globally agreed norms are needed for crypto regulations, elaborating:

After the crypto meltdown which we have seen recently, it is clear that we need internationally agreed standards on regulation. Progress on that front being able to accomplish that by 2023 would be a concrete outcome.

Seth also said Wednesday that one of the key agendas that the G20 will discuss is the global usage of central bank digital currencies (CBDCs). India’s central bank, the Reserve Bank of India (RBI), has started both wholesale and retail digital rupee pilots.

Tags in this story

What do you think about the G20 building a policy consensus on crypto assets for better global regulation? Let us know in the comments section below.

Kevin Helms

A student of Austrian Economics, Kevin found Bitcoin in 2011 and has been an evangelist ever since. His interests lie in Bitcoin security, open-source systems, network effects and the intersection between economics and cryptography.




Image Credits: Shutterstock, Pixabay, Wiki Commons

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

Read disclaimer

Source:Bitcoin.com