G20 countries to build consensus on crypto-currency policies for better global regulation

G20 countries aim to build a policy consensus on cryptoassets for better global regulation. “After the crypto-currency meltdown we’ve seen recently, it’s clear that we need internationally recognized standards for regulation“, said the deputy managing director of the International Monetary Fund (IMF), Gita Gopinath.

G20 countries discuss regulation of crypto-currencies

G20 finance and central bankers met for the first time under India’s presidency from December 13-15 in Bengaluru.

Ajay Seth, India’s economic affairs secretary, said at a press conference Wednesday that the G20 nations are aiming to build a policy consensus on crypto-assets for better global regulation. Noting that the implications of crypto-assets for the economy, monetary policy and the banking sector should be studied for consensus building, Seth was quoted by Reuters as saying:

Regulation should flow from the policy vision adopted. In fact, one of the priorities that has been put on the table is to help countries build a consensus for a policy approach to crypto-assets.

The collapse of crypto-currency exchange FTX has prompted calls for better oversight of the crypto-currency market. FTX filed for bankruptcy in the U.S. on Nov. 11 and former CEO Sam Bankman-Fried (SBF) was arrested this week. The U.S. government and regulators have brought several fraud charges against FTX and Bankman-Fried.

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The members of the Group of 20 (G20) are Argentina, Australia, Brazil, Canada, China, France, Germany, India, Indonesia, Italy, Japan, the Republic of Korea, Mexico, Russia, Saudi Arabia, South Africa, Turkey, the United Kingdom, the United States and the European Union. This group accounts for approximately 85% of global GDP.

IMF’s Gita Gopinath on globally agreed cryptographic standards.

International Monetary Fund (IMF) Deputy Managing Director Gita Gopinath said Thursday that the G20 under India’s presidency can make progress in three areas: debt management, crypto-currency regulation and climate finance. Gopinath is currently in India to attend the G20 meetings.

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She explained that globally agreed upon standards are needed for crypto-currency regulation, stating:

After the crypto-currency meltdown we’ve seen recently, it’s clear that we need internationally agreed upon standards for regulation. Making progress on this front by being able to accomplish this by 2023 would be a tangible result.

Seth also said Wednesday that a key agenda item for the G20 will be the global use of central bank digital currencies (CBDCs). India’s central bank, the Reserve Bank of India (RBI), has launched pilot projects for digital rupees for wholesale and retail trade.

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