Bitcoin came into existence and become famous because it was unregulated by the government. That doesn't mean it is not regulated. It is regulated using a decentralized environment.
G20 gave a job to IMF and FSB to find out ways to take control of a decentralized environment. Accepting the proposal means to an extent it has been achieved. I don't like what is happening now but I do know that it won't be easy to control Bitcoin with those regulations. Therefore I am keeping myself calm and watching the current situation.
Topic: G20 adopts IMF-FSB Synthesis Paper on crypto regulation (Read 95 times)
My take on regulations is that they are necessary to weed out all these shitcoins and shitprojects that take away honest investors money. Governments dont want bans as it is evident from this news, rather they would tax us and take a profit off us, which I guess is a less evil trade-off.
I am optimistic about regulations and if they happen I am sure the crypto ecosystem in this country will improve. Fingers crossed to see how this progresses if at all.
I am optimistic about regulations and if they happen I am sure the crypto ecosystem in this country will improve. Fingers crossed to see how this progresses if at all.
The Group of Twenty accepted the regulatory roadmap proposed in a joint Synthesis Paper of the International Monetary Fund and the Financial Stability Board.
G20 members accepted the crypto regulatory roadmap proposed in a joint report by the International Monetary Fund (IMF) and the Financial Stability Board (FSB) in September titled “IMF-FSB Synthesis Paper: Policies for Crypto-Assets.“ The G20 states:
“We call 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"
The IMF-FSB paper advocates for comprehensive oversight of crypto instead of a blanket ban. Its high-level recommendations include cross-border cooperation and information sharing between regulators, a demand for comprehensive governance and risk management frameworks for crypto companies, and a guarantee of access to relevant data provided by companies to the authorities.
Source: G20 adopts IMF-FSB Synthesis Paper on crypto regulation
Since these countries accepted the proposed idea I guess we can expect strict regulations and scrutiny of transactions related to cryptocurrency in India too, I am not sure which is going to be a good or bad thing for the rest of the world but I feel it will be a good thing cause it will give us the clear view of limitations to use cryptos and regulations means more people will be willing to invest on bitcoin and cryptos cause they feel safer when government agrees on something.
G20 members accepted the crypto regulatory roadmap proposed in a joint report by the International Monetary Fund (IMF) and the Financial Stability Board (FSB) in September titled “IMF-FSB Synthesis Paper: Policies for Crypto-Assets.“ The G20 states:
“We call 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"
The IMF-FSB paper advocates for comprehensive oversight of crypto instead of a blanket ban. Its high-level recommendations include cross-border cooperation and information sharing between regulators, a demand for comprehensive governance and risk management frameworks for crypto companies, and a guarantee of access to relevant data provided by companies to the authorities.
Source: G20 adopts IMF-FSB Synthesis Paper on crypto regulation
Since these countries accepted the proposed idea I guess we can expect strict regulations and scrutiny of transactions related to cryptocurrency in India too, I am not sure which is going to be a good or bad thing for the rest of the world but I feel it will be a good thing cause it will give us the clear view of limitations to use cryptos and regulations means more people will be willing to invest on bitcoin and cryptos cause they feel safer when government agrees on something.
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