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Business News›News›Economy›Policy›G20 finance ministers and central bank governors embrace roadmap for Crypto asset regulation
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G20 finance ministers and central bank governors embrace roadmap for Crypto asset regulation
By
Deepshikha Sikarwar
, ET Bureau
Synopsis
The G20 finance ministers and central bank governors have adopted a roadmap for the implementation of a comprehensive policy framework for crypto assets. The roadmap, based on recommendations by the IMF and FSB, focuses on regulations rather than a ban to prevent crypto assets from destabilizing the economy. The G20 has called for swift and coordinated implementation of the roadmap, including policy frameworks, global coordination, and addressing data gaps.
ReutersThe G20 finance ministers and central bank governors Thursday adopted the roadmap to ensure effective, flexible, and coordinated implementation of the comprehensive policy framework for crypto assets.
The roadmap is based on a synthesis paper bringing together separate recommendations by the International Monetary Fund (IMF) and the Financial Stability Board (FSB).
The FSB has recommended regulations rather than an outright ban on crypto assets to prevent them from undermining macroeconomic and financial stability.
“We adopt the roadmap proposed in the Synthesis Paper as a G20 Roadmap on Crypto Assets. This detailed and action-oriented Roadmap is essential to achieve our common goals of macro-economic and financial stability and to ensure effective, flexible, and coordinated implementation of the comprehensive policy framework for crypto assets,” the G20 communique issued after the meeting here in Marrakech, Morocco said.
The G20 FMs and Central bank governors have called for swift and coordinated implementation of the G20 Roadmap, including implementation of policy frameworks; outreach beyond G20 jurisdictions; global coordination, cooperation and information sharing; and addressing data gaps.
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They also mandated the IMF and FSB to provide regular and structured updates on the progress of implementation of the G20 Roadmap on Crypto Assets. It also extended support to the ongoing work and global implementation of Financial Action Task Force standards on crypto-assets.
The grouping called upon the International Financial Architecture Working Group to deliberate on the Independent Expert Group, co-chaired by 15 finance commission chairman N K Singh and former treasury secretary Larry Summers, recommendations in consultation with multilateral development banks MDBs and suggest a way forward for “better, bigger and more effective MDBs,” including ways to work together better as a system, at the meeting in April 2024.
The G20 FMs and Central bank governors also stressed on the need for well-calibrated monetary, fiscal, financial, and structural policies to promote growth, reduce inequalities and maintain macroeconomic and financial stability.
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cryptocurrencycrypto assetspolicy frameworkcentral bankbank governorsG20International Monetary Fund (IMF)Financial Stability Board (FSB)
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Subscribe to The Economic Times Prime and read the ET ePaper online.
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