The Group of 20 (G20), led by India’s Finance Minister, Nirmala Sitharaman, has expressed its support for the Financial Stability Board’s (FSB) high-level recommendations regarding crypto asset activities and global stablecoin protocols.
In a press conference, Sitharaman backed a call for tougher cryptocurrency regulations made by the FSB, an international standard-setter, that were issued after a period of significant turbulence in the cryptocurrency market marked by allegations of improper conduct.
The FSB’s recommendations came in the wake of traditional finance entities advocating for robust crypto oversight, while prominent players in the crypto sphere, such as Binance and Coinbase, have cautioned that stringent regulations might stifle innovation.
During the session, India’s presidency note on crypto was presented for discussion, although details on it remain undisclosed. Local reports suggest the note was expected to summarize the crypto-related efforts of various countries and institutions.
The G20, aside from considering FSB’s guidelines, will evaluate a joint synthesis paper by the FSB and International Monetary Fund (IMF) focused on crypto’s global macroeconomic implications in September. This session will crystallize the G20’s stance on crypto during India’s presidency.
Shaktikanta Das, India’s central bank governor, highlighted a Jan. 2023 report from the Bank of International Settlements (BIS), which recommended crypto bans along with regulations, which reflects the “huge risks” in crypto.
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- Source: https://www.cryptocompare.com/email-updates/daily/2023/jul/19/
