G20 Countries to Build Crypto Policy Consensus for Better Global Regulation – Regulation Bitcoin News

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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.

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

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