India Asks IMF and FSB for Joint Paper to Help Formulate ‘Comprehensive’ Crypto Policy

India has asked the International Monetary Fund (IMF) and Financial Stability Board (FSB) to make “a synthesis paper” connected crypto assets arsenic portion of the G20 gathering of concern ministers and cardinal slope governors nether India’s presidency. “This would assistance successful the formulation of a coordinated and broad argumentation attack to crypto assets,” said India’s concern ministry.

India Asks IMF and FSB for Technical Paper connected Crypto

The Indian authorities released connected Saturday its “G20 Chair’s Summary and Outcome Document” pursuing the archetypal two-day G20 gathering of concern ministers and cardinal slope governors that took spot successful Bengaluru connected Feb. 24-25. Crypto regularisation was among the topics discussed.

During a sheet treatment connected cryptocurrency regularisation arsenic portion of the G20 meeting, India requested that the International Monetary Fund (IMF) and Financial Stability Board (FSB) collaborate connected a method insubstantial connected crypto assets. According to the summary document:

IMF and the FSB to jointly taxable a synthesis insubstantial integrating the macroeconomic and regulatory perspectives of crypto assets successful September 2023.

The papers adds that the FSB is “to finalize its high-level recommendations connected the regulation, supervision and oversight of planetary stablecoins; and high-level recommendations connected the regulation, supervision and oversight of crypto-asset markets and activities by July 2023.” In addition, the Bank of International Settlements (BIS) is “to taxable a study connected analytical and conceptual issues and imaginable hazard mitigation strategies related to crypto assets.”

India’s ministry of concern besides released a connection Saturday pursuing the G20 gathering of concern ministers and cardinal slope governors. “To complement the ongoing dialog connected the request for a argumentation framework, the Indian presidency has projected a associated method insubstantial by the International Monetary Fund (IMF) and the FSB, which would synthesize the macroeconomic and regulatory perspectives of crypto assets,” the concern ministry stated, elaborating:

This would assistance successful the formulation of a coordinated and broad argumentation attack to crypto assets.

India aims to grow the scope of the G20 treatment connected crypto assets to encompass not lone fiscal integrity concerns but besides the macroeconomic implications and the wide adoption of cryptocurrencies passim the economy, the Indian ministry of finance’s connection further notes.

Indian Finance Minister Nirmala Sitharaman has been saying for galore months that crypto volition beryllium a priority successful G20 discussions nether India’s presidency. She said successful October past twelvemonth that India hopes to get astatine a technology-driven regulatory framework oregon a modular operating process (SOP) for crypto assets. Sitharaman has besides repeatedly pushed for international cooperation connected crypto.

This week, the IMF enforcement committee released guidance to assistance countries make effectual crypto policies. Besides recommending that “crypto assets should not beryllium granted authoritative currency oregon ineligible tender status,” the IMF enforcement committee directors “agreed that strict bans are not the first-best option, but that targeted restrictions could apply.”

What bash you deliberation astir India asking the IMF and the FSB to jointly make a method insubstantial connected crypto? Let america cognize successful the comments conception below.

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