Coming global crypto rules will be based what's in a new synthesis paper jointly produced by the International Monetary Fund (IMF) and the Financial Stability Board (FSB), India announced Saturday after Group of 20 (G-20) meetings in Bangalore. India is this year's G-20 president.
The announcement came after three days of meetings among the 20 largest economies of the world in which creating a global regulatory framework for crypto was a priority.
The discussions held between the G-20 finance ministers and central bank governors were expected to chart the way forward for globally coordinated crypto rules.
The synthesis paper will be submitted during India's G-20 presidency, which culminates in September when India hosts G-20 leaders from around the world, said Indian Finance Minister Nirmala Sitharaman during a press conference.
Asked whether consensus around global crypto regulation that India had prioritized for its G-20 presidency will take placeduring India's term, Sitharaman said that "first of all, we are going through the study process so that there can be informed discussions."
"Something should develop," Sitharaman added, referring to the FSB's expected paper in July that will lead to the synthesis paper by September.
Sitharaman added 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.
"The World Bank stated that views of all developing countries should also be included in any (crypto) policy framework," Sitharaman added.
India Central Bank Governor Shaktikanta Das said that there was a marked shift in perception around crypto assets by G-20 nations in the past year, in which several major crypto companies, including the FTX exchange, collapsed. There is now a wide acceptance about the risks involved in crypto assets, Das said.
