This week’s G20 Summit is where the document will finally be addressed.
Financial and economic security are still seen as being in jeopardy by the paper.
Thursday saw the release of a report outlining policy suggestions and guidelines for crypto regulation. This was from the International Monetary Fund (IMF) and the Financial Stability Board (FSB).
India, as G20 president, has requested that the IMF and FSP create policy and regulatory frameworks. This is for a unified approach to crypto asset regulation. This week’s G20 Summit is where the document will finally be addressed.
Worldwide Push for Crypto Regulation
Moreover, the Financial Stability Board (FSB), the G20’s risk watchdog, and the International Monetary Fund (IMF) collaborated on a document recommending worldwide crypto laws at the G20 Summit. The move is part of a larger worldwide push to regulate cryptocurrencies. And reduce the potential harm they pose to the economy and the financial system as a whole.
Concerning crypto laws, the IMF detailed several factors. The hazards stemming from crypto-assets have prompted the Financial Stability Board (FSB) and other standard-setting organizations (SSBs) to develop proposals and guidelines to address these concerns.
Financial and economic security are still seen as being in jeopardy by the paper due to stablecoins and DeFi. It states that the advantages of cryptocurrency, such as reduced transaction times for international payments and wider access to banking services, have not been shown.
Earlier, Nirmala Sitharaman, India’s finance minister, has revealed that the topic of crypto regulation has been brought up in discussions for a worldwide framework for regulating crypto assets. The crypto industry as a whole has been lobbying for more crypto-friendly legislation from government agencies. It will assist spur development in cutting-edge areas like blockchain, web3, and more.