With India’s presidency of the G20 drawing to a close, global leaders have called for a worldwide crypto consensus for a uniform mechanism across borders.
Officials of global institutions have likely proposed a global crypto consensus in recent meetings of the G20 countries. Senior officials present in the meeting called for preventing outright bans on crypto. Most of them supported worldwide crypto rules that could create a framework for crypto.
Managing Director of the International Monetary Fund, Kristalina Georgieva, was present at the meeting. She supported the framing of crypto rules instead of a ban. Jay Shambaugh, a senior official of the US Treasury, also echoed similar comments. Under the Chatham House rules, India hosted the roundtable meeting as the G20 President.
Earlier, India had published a Presidency note regarding crypto regulation as a global mechanism. It mentioned the upcoming publication of a synthesis paper on crypto by the IMF and FSB. It suggested several action points that could become a part of the synthesis paper.
The paper said, “The goal of having a global and common roadmap would be to help countries put in place an agreed minimum policy standard for crypto assets which, would aim to (i) safeguard nations’ macroeconomic, financial stability and financial integrity;(ii) provide for appropriate investor/user awareness, education and protections; (iii) and facilitate development of the underlying technology and encourage innovations in the financial sector.”
Though the presidency note had fair suggestions for crypto rules, the G20 has yet to come to a conclusion for implementing it. The synthesis paper could share more clarity on crypto regulations by the G20.