We aim to be an asset for better global regulation. International Monetary Fund (IMF) Deputy Managing Director Gita Gopinath said, “After the recent crypto meltdowns we have witnessed, it is clear that there is a need for internationally agreed regulatory standards.”
G20 countries discuss cryptocurrency regulation
Representatives of the G20 Finance and Central Banks will meet in Bangalore on December 13-15 under the Indian presidency. held a meeting for the first time.
India’s Economic Secretary Ajay Seth said at a press conference on Wednesday that G20 countries aim to build policy consensus on crypto-assets for better global regulation. Noting that the impact of crypto-assets on the economy, monetary policy and banking sector should be studied for consensus building, Seth was quoted by Reuters as saying:
Regulation is a policy view taken. In fact, one of the priorities put on the table is to help countries build consensus on policy approaches to crypto-assets.
The collapse of cryptocurrency exchange FTX has prompted calls for increased scrutiny of the cryptocurrency market. FTX filed for bankruptcy in the US on Nov. 11, and former CEO Sam Bankman-Fried (SBF) was arrested this week. The US government and regulators have filed multiple fraud charges against FTX and his Bankman-Fried.
The members of the G20 (G20) are Argentina, Australia, Brazil, Canada, China, France, Germany, India, Indonesia, Italy, Japan, South Korea, Mexico, Russia and Saudi Arabia. , South Africa, Turkey, UK, USA, European Union. This group accounts for about 85% of the world’s GDP.
Her Gita Gopinath, deputy managing director of the International Monetary Fund (IMF), said on Thursday that her G20, chaired by India, can move forward in three areas. : Debt Management, Cryptocurrency Regulation, Climate Change Finance. Gopinath is currently in India to attend the G20 meeting.
She explained that cryptocurrency regulation requires globally agreed norms, explaining: Progress on that front to be able to achieve it by 2023 will have tangible results.
Seth said on Wednesday that one of the key issues the G20 will discuss is the global use of central bank digital currencies (CBDCs). India’s central bank, the Reserve Bank of India (RBI), has launched a digital rupee pilot for both wholesale and retail.
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