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Global Crypto Rules to be Based on Coming FSB and IMF Synthesis Paper The announcement came three days subsequent to the meetings in India amongst the 20 largest economies of the world, collectively known as the G20

By Saptak Bardhan

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The global crypto rules being set for the group of 20 (G20) countries would be formed on a new synthesis paper jointly produced by International Monetary Fund (IMF) and Financial Stability Board (FSB), announced India as the holder of the Group of 20 (G20) Presidency in Bangalore.

The announcement came three days subsequent to the meetings in India amongst the 20 largest economies of the world, collectively known as the G20. After assuming the Presidency, India announced creating a regulatory framework for crypto would be a priority.

The synthesis paper would be submitted during India's G20 Presidency culminating in September when India would host G20 leaders from around the world, said Indian finance minister Nirmala Sitharaman during a press conference.

When asked whether consensus around global crypto regulation that India had prioritised for its G20 presidency would arrive in its term, Sithraman replied, "first of all, we are going through the study process so that there can be informed discussions."

Sitharaman also said that Canada's central bank governor cautioned other members that crypto assets should not be given "regulatory seal of approval" without a well-thought-out approach and a framework for implementation.

Saptak Bardhan

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