The basis of coming global crypto rules will be formed on a new synthesis paper, jointly produced by the International Monetary Fund (IMF) and the Financial Stability Board (FSB), announced India as the holder of the Group of 20 (G20) Presidency in Bangalore on Saturday.
The announcement came after three days of meetings in India amongst the 20 largest economies of the world, collectively known as the G20, in which creating a global regulatory framework for crypto was a priority.
The discussions held between the G20 Finance Ministers and Central Bank Governors were expected to chart the way forward for globally coordinated crypto rules.
The synthesis paper will be submitted during India’s G20 Presidency which culminates in September when India hosts G20 leaders from across the world, said Indian Finance Minister Nirmala Sitharaman during a press conference.
Asked whether consensus around global crypto regulation that India had prioritized for its G20 presidency will arrive during India’s term, Sitharaman said “first of all we are going through the study process so that there can be informed discussions.”
“Something should develop,” Sitharaman added while referring to FSB’s expected paper in July that will lead to the synthesis paper by September.
Sitharaman also said that Canada’s central bank governor cautioned other members that crypto assets should not be given “regulatory seal of approval” without a well-thought-out approach and a framework for implementation.
“The World Bank stated that views of all developing countries should also be included in any (crypto) policy framework,” Sitharaman added.
India’s Central Bank Governor Shaktikanta Das said that there was a marked shift in perception around crypto assets by G20 nations in the past year which saw the collapse of several major crypto companies, including FTX, and a global contagion. There is a wide acceptance about risks involved in crypto assets now, Das said.