Kevin Helms
A student of Austrian economics, Kevin found Bitcoin in 2011 and has been an evangelist ever since. His interests lie in Bitcoin security, open source systems, network effects and the intersection of economics and cryptography.
G20 Countries to Build Crypto Policy Consensus for Better Global Regulation – Regulation of Bitcoin News
The G20 countries aim to build a political consensus on crypto-assets for better global regulation. “After the crypto meltdown that we have seen recently, it is clear that we need internationally agreed standards for regulation,” said International Monetary Fund (IMF) Deputy Managing Director Gita Gopinath.
G20 nations discuss crypto regulation
The G20 finance and central bank representatives met for the first time under India’s presidency on 13-15 December in Bengaluru.
Ajay Seth, India’s economic secretary, said at a press conference on Wednesday that the G20 countries aim to build a political consensus on crypto-assets for better global regulation. Seth was quoted by Reuters as noting that the implications of crypto-assets for the economy, monetary policy and the banking sector should be studied to create consensus:
The regulation should follow from the political view. In fact, one of the priorities that has been put on the table is to help countries build a consensus for policy approach to crypto-assets.
The collapse of the crypto exchange FTX has led to demands for better supervision of the crypto market. FTX filed for bankruptcy in the US on November 11 and former CEO Sam Bankman-Fried (SBF) was arrested this week. The US government and regulators have brought several fraud charges against FTX and Bankman-Fried.
The members of the Group of 20 (G20) are Argentina, Australia, Brazil, Canada, China, France, Germany, India, Indonesia, Italy, Japan, Republic of Korea, Mexico, Russia, Saudi Arabia, South Africa, Turkey, United Kingdom, USA and EU. The group represents around 85% of world GDP.
IMF’s Gita Gopinath on globally adopted crypto standards
International Monetary Fund (IMF) Deputy Managing Director Gita Gopinath said on Thursday that the G20 under India’s presidency can make progress in three areas: debt management, crypto regulation and climate finance. Gopinath is currently in India to attend G20 meetings.
She explained that there is a need for globally agreed norms for crypto regulations, and elaborates:
After the crypto meltdown that we have seen recently, it is clear that we need internationally agreed standards for regulation. Progress on that front and being able to achieve it by 2023 will be a concrete result.
Seth also said on Wednesday that one of the most important agendas that the G20 will discuss is the global use of central bank digital currencies (CBDC). India’s central bank, the Reserve Bank of India (RBI), has started both wholesale and retail digital rupee pilots.
What do you think about the G20 building a political consensus on cryptoassets for better global regulation? Let us know in the comments section below.
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