Global Crypto Rules to be Based on Coming FSB & IMF Synthesis Paper, India Says After G20 Meetings

The announcement was made following three days of meetings in India between the 20 biggest economies in the world, collectively known by the name of the G20, where the creation of a comprehensive regulatory environment for cryptography was a priority.

Discussions between G20 Finance Ministers and Central Bank Governors were intended to set a course for global coordination of 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 the consensus around the global cryptography regulation that India had prioritized for its chairmanship of the G20 will happen during India's mandate, Sitharaman said: 'First, we go through the study process in order for their discussions to be informed."

"Something is expected to happen," Sitharaman said, referring to the expected FSB document in July that will lead to the synthesis document 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 has said that the perspectives of all developing countries should also be included in any policy framework (cryptography)," the sitharaman added.

Shaktikanta, Governess of the Central Bank of India. 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 worldwide infectious disease. There is wide-ranging acceptance of the risks involved in crypto assets now, das says.

Read More: India Has Clamped Down on Crypto. What is he going to do with the power of the G20?

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