G20 countries are uniting to reach an agreement on cryptocurrency regulation and to create better global standards. “The latest crypto market crash has made it evident that we need unified rules on a global scale,” said Gita Gopinath, IMF Deputy Managing Director.
G20 Members Working Towards Crypto Regulation
G20 finance and central bank delegates met in person for the first time in India from December 13-15. Ajay Seth, Secretary for Economic Affairs in India, discussed the importance of international consensus on cryptos and their implications for the economy, monetary policies, and the banking industry.
“Regulation should be guided by a unified political vision,” he said. “Our priority is to help countries come up with a consensus policy for cryptocurrencies.”
The need for better oversight of the crypto market has been highlighted since the fall of FTX’s exchange, which filed for bankruptcy in the US on 11th November. Former CEO Sam Bankman-Fried has since been charged with several fraud-related offences.
IMF’s Gita Gopinath On Establishing Global Crypto Standards
Speaking on Thursday, Gita Gopinath, IMF Deputy Managing Director, highlighted that the G20, under India’s presidency, is close to achieving concrete steps in three major areas, including climate finance, debt management and crypto regulation. She added that it is important to ensure there is an internationally agreed set of standards for cryptocurrencies.
It is clear that we require unified rules across the globe following the recent crash of cryptocurrencies. The G20’s aim is to implement these standards by 2023.
On Wednesday, the G20 also addressed the development of central bank digital currencies (CBDCs). India’s central bank, the Reserve Bank Of India, is currently running pilot projects focusing on both retail and wholesale digital rupees.
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