G20 summit to develop roadmap for crypto rules
NEW DELHI : The G20 Leaders’ Summit in New Delhi later this week will discuss the building blocks for cryptocurrency regulations, while a paper authored by the Financial Stability Board (FSB) and the International Monetary Fund (IMF) will offer nations a road map for regulating crypto assets, a person with direct knowledge of the matter said. India is seeking a consensus among G20 nations on crypto assets, the person said, adding that the government has prepared a presidential note on cryptocurrency, including a summary of the IMF and FSB reports.
“The synthesis paper on crypto will provide additional clarity on the comprehensive plan for nations to integrate virtual digital assets into their digital financial systems," the person said on condition of anonymity. However, G20 member states have not been able to agree on a common statement on the Russia-Ukraine war due largely to objections from Russia and China on how the crisis can be referred to.
The language hasn’t been finalized, the person added. In July, G20 member nations failed to agree on a joint statement at the end of a meeting of their finance ministers and central bank governors at Gandhinagar, Gujarat, as the grinding war in Ukraine continued to polarize the bloc.
China had then stated that the G20 FMCBG (Finance Ministers and Central Bank Governors) meeting was not the right forum to discuss geopolitical issues, according to the third G20 FMCBG outcome document and chair’s summary. Meanwhile, Russia dissociated itself from the status of the document.
However, G20 nations are assessing the macroeconomic consequences of food and energy insecurity, the person said. Further, the grouping has finalized the debt vulnerability framework for restructuring the debts
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