Last year, the G20 countries announced their ambition to implement a uniform standard regarding the crypto market. Since then, the project has made great progress with the holding of a first meeting of stakeholders in India in mid-February. Recent developments show that India is keen to speed up the process.
Request for technical support from international financial institutions
G20 countries are pushing the throttle in the process of adopting common regulations on the crypto industry. After a first meeting held in the middle of the month, the project has indeed experienced a new development. In fact, India, which holds the rotating presidency of the G20, required technical support of the International Monetary Fund (IMF). Indian officials have also requested support from the Financial Stability Board (FSB). This support would consist of providing a ” Document synthesis ” spouse, on the crypto industry.
It is a text that summarizes the macroeconomic projections of the crypto industry until September 2023. The document should also provide recommendations relating to the regulation envisaged in the sector. This, on the basis of the outline of the meeting of stakeholders, organized recently.
“The Indian presidency has proposed a joint IMF-FSB technical paper. This will serve to complement the ongoing dialogue on the need for a policy framework. The document would summarize the macroeconomic and regulatory outlook for cryptoassets”. This is essentially what can be read in a statement issued by Nirmala Sitharaman, the Indian Minister of Finance.
A text that meets the expectations of players in the crypto sector
This Indian initiative is not insignificant. While the exchanges within the framework of this draft regulation are going well, the country wants to be inclusive. For local authorities, the debates must take into account other financial and economic questions. Among these are concerns related to financial inclusion. There are also the implications in the overall economy of widespread adoption of cryptos.
What India wants is to implement a regulatory policy that is both coordinated and integrated. In any case, the G20 countries seem determined to get there, given recent developments in the matter.
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