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India, which currently holds the Group of Twenty (G20) presidency, has supported the Financial Stability Board’s (FSB) recommendations for a global crypto framework published in July. The country also emphasized the necessity of dealing with digital assets’ risks for developing economies.On Aug. 1, India released its presidency note for input
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News of the existence of such a note first emerged ahead of the Finance Ministers and Central Bank Governors (FMCBG) meeting in India last month through Ajay Seth, a senior official of the Indian Finance Ministry. Later, at the post-event media briefing, without revealing details of the note, Seth said
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“Members also discussed the presidency note that India had prepared and noted that it would be an important input towards prioritizing areas of work essential for achieving a comprehensive cohesive and coordinated global policy and regulatory framework," said Sitharaman. Source
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In preparation for a meeting of the G20 finance ministers and central bank governors this month, the Bank for International Settlements Innovation Hub (BISIH) submitted two reports — on cryptocurrency and central bank digital currencies (CBDCs) — on July 11. The reports reached very different conclusions about the related technologies.The
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Global leaders appear to have reached a consensus on setting up universal rules and standards for most aspects of the crypto sector save for the treatment of stablecoins. Source
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The move is seen as a step to attract attention towards how crypto can hurt or completely change the global economy rather than just nations and customers individually, government sources have told CryptoX previously. However, this is perhaps the first time the RBI has articulated its "intent" as an important
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The G20 finance ministers and central bank governors have agreed that crypto regulation cannot be confined to one part of the world, said India’s finance minister. “Any action on crypto assets will have to be global,” she stressed, adding that the G20 finance chiefs’ discussion on crypto was “very substantive.” G20
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India’s Finance Minister insists that the only way to protect investors worldwide lies in putting concerted efforts into a global framework. The G20 is presently working on a global framework that will help member nations to deal with risks that may arise from their crypto-related dealings. To this end, the India-led
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The recent collapses of crypto banks have only underscored the hesitancy of the Group of 20 (G-20) on crypto assets, a highly placed G-20 source said. Original Source
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"A widespread proliferation of crypto assets comes with substantial risks to the effectiveness of monetary policy, exchange rate management, and capital flow management measures, as well as to fiscal sustainability. Moreover, changes may be required to central bank reserve holdings, and the global financial safety net, yielding potential instability. Finally,
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