Saturday, September 23, 2023

India, the current president of the Group of Twenty (G20), has released its presidency note on crypto in an effort to have its suggestions included in the framing of global crypto rules.

The note assumes significance as it’s the official document that voices India’s recommendations before the next iteration of framing global crypto rules – a synthesis paper jointly produced by the International Monetary Fund (IMF) and Financial Stability Board (FSB). In July, the FSB individually called for tougher rules for crypto asset activities and global stablecoin arrangements.

The note revealed that the synthesis paper is expected at the end of August, less than two weeks before the G20 Leaders’ Summit. On July 18, an IMF blog said the organization would deliver the synthesis paper at the Leaders’ Summit.

The note asks that the synthesis paper include action points such as promoting the effective implementation of the FSB’s recommendations and all other standard-setting bodies. Additionally, the note asks that macro-financial implications and risks specific to Emerging Markets and Developing Economies are taken into account.

Other action points include conducting outreach to all jurisdictions to generate awareness of risks, starting with the regions which have seen higher adoption of crypto assets and involving non-G20 members and handing responsibility to coordinate the work around global crypto rules to the IMF and FSB.

News of the existence of such a note first emerged ahead of the Finance Ministers and Central Bank Governors (FMCBG) meeting in India last month through Ajay Seth, a senior official of the Indian Finance Ministry. Later, at the post-event media briefing, without revealing details of the note, Seth said “(India) contributed its own note, it’s the presidency note in the sense that we originated that idea (and) several other countries contributed.”

“G20 members sought changes to the note, given any document from India as the current president of the G20 should reflect the collective consideration of members,” two people familiar with the matter told CoinDesk after the event.

Read More: G20 Nations Welcome FSB’s Tougher Crypto Rules, Says Presidency Holder India

Edited by Parikshit Mishra.

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