The G20 has been meeting on occasions to discuss various important topics including crypto regulations. G20 Finance Ministers and Central Bank Governors (FMCBG) held a meeting in Marrakech, Morocco on October 13, 2023.
In a joint press release from their meeting in Morocco, they announced a collective initiative to adopt a comprehensive roadmap to regulate crypto sector. It marks a significant step in ensuring global financial stability. They also want to ensure effective management of cryptocurrencies in when traded internationally
It will serve as a blueprint for the future regulation of cryptocurrencies. They also launched a a driven hashtag #OneEarthOneFamilyOneFuture.
This multifaceted roadmap includes policy frameworks, outreach initiatives extending beyond G20 jurisdictions, global coordination, cooperation, and the sharing of essential information. They said that existing data gaps in the crypto market is a primary objective. It will ultimately underpin financial stability while ensuring implementation of the crypto framework.
They highlighted that it is necessary for countries protect their financial integrity. According to the leaders, it will ensure a fair a tax treatment for crypto assets. It emphasizes that an outright ban is not a straightforward solution.
The leaders urged that temporary restrictions should not to replace robust macroeconomic policies. It is fundamental to address the challenges posed by crypto assets, as per the leaders
The International Monetary Fund (IMF) and the Financial Stability Board (FSB) were also called upon by the leaders to provide regular and structured updates on the progress of the G20 Roadmap on Crypto Assets.
G20 continues to shape crypto regulation
The first G20 Finance Ministers and Central Bank Governors meeting under India’s presidency was scheduled in Bengaluru for three days. Cryptocurrencies were discussed alongside various significant issues.
Indian Finance Minister Nirmala Sitharaman, hosted the event where she hinted that the group will explore a common regulatory framework for crypto.
We are talking with all nations, if we can make some standard operating procedure which everyone follows to make a regulatory framework, and if it can be effective
Nirmala Sitaraman, India’s Finance Minister.
G20’s endeavor to embrace upcoming financial technologies while implementing a universal regulatory framework is a significant step. It will help in achieving international cooperation and stability in the crypto market.