FSB's Crypto Guidelines Greeted Positively by G20 Leaders
The Financial Stability Board's (FSB) guidelines on crypto assets and international stablecoin operations have gained support from the Group of Twenty (G20) nations. This development was announced by Nirmala Sitharaman, India's Finance Minister, in a press briefing on Tuesday. Currently, India holds the presidency of the G20.
The FSB had previously proposed stricter oversight for the protection of crypto clients' assets and the avoidance of potential conflicts of interest. These measures came as a response to the surge in misconduct allegations within the crypto space during the past year.
In her announcement, Sitharaman stated that the G20 nations are in favor of the FSB's stablecoin oversight recommendations. This issue has been a cause for debate among the Group of Seven (G7) and the G20.
Sitharaman also brought up a presidency note on crypto that India had formulated and discussed. While the specific content of this note is not disclosed, it is assumed to encapsulate the crypto-related initiatives and progress of various nations and institutions.
In the coming September, the G20 will receive a joint paper from the FSB and the International Monetary Fund (IMF) concentrating on the global impacts of cryptocurrencies. This will pave the way for the finalization of the G20's stance on crypto during India's presidency.
Emphasizing on the elevated risks in crypto, India's central bank governor, Shaktikanta Das, concurred with the policy options laid out in a January 2023 report by the Bank of International Settlements (BIS). Das also highlighted the need for a serious consideration of Central Bank Digital Currencies (CBDCs) due to their potential to streamline cross-border transactions and payments.
In her announcement, Sitharaman stated that the G20 nations are in favor of the FSB's stablecoin oversight recommendations. This issue has been a cause for debate among the Group of Seven (G7) and the G20.
Sitharaman also brought up a presidency note on crypto that India had formulated and discussed. While the specific content of this note is not disclosed, it is assumed to encapsulate the crypto-related initiatives and progress of various nations and institutions.
In the coming September, the G20 will receive a joint paper from the FSB and the International Monetary Fund (IMF) concentrating on the global impacts of cryptocurrencies. This will pave the way for the finalization of the G20's stance on crypto during India's presidency.
Emphasizing on the elevated risks in crypto, India's central bank governor, Shaktikanta Das, concurred with the policy options laid out in a January 2023 report by the Bank of International Settlements (BIS). Das also highlighted the need for a serious consideration of Central Bank Digital Currencies (CBDCs) due to their potential to streamline cross-border transactions and payments.
