Topic: G20 Meet ups, Global Crypto Rules based on IMF & FSB Synthesis Paper... (Read 67 times)

The G20 is a forum, it's not an organization, it has no way of enforcing anything between participants, it's just an informal forum where everyone bitches about their problems, the rest agree and disagree, and when they return home every single country is doing things as before.

To expect something crypto-related that will end in a unanimously agreed regulation of some kind is a fantasy, not while China which has already banned almost everything crypto-related is a member, how do you think that will sound? To make things worse there is Japan and SK with tighter regulation already in place and some that don't really give a damn like Brazil and Mexico.

So, nothing to see here, they will have far bigger issues to discuss than focus on crypto.

The G20 is a forum, it's not an organization, it has no way of enforcing anything between participants, it's just an informal forum where everyone bitches about their problems, the rest agree and disagree, and when they return home every single country is doing things as before.

As long as crypto is not banned and the governments do not impose a blanket 30% tax on it, we should be ok. But not keeping any high and positive expectations.

On the other hand, Canada's Bank Governor cautioned everyone, not to approve any kind of Crypto Framework without studying and well developed framework before implementation.

Even further Mr. Shaktinath Das, Governor to Indian Central Bank also made everyone think twice considering the changed perception of Crypto after seeing various collapses of exchangers including the FTX downfall.

"The World Bank stated that views of all developing countries should also be included in any (crypto) policy framework," Sitharaman added.

I really do not have a great expectations from this year's G20 meeting on crypto regulations. The Central Bank of India really negative about it and they are probably going to present the case in a negative way which in turn create negatively among the world leaders.

As long as crypto is not banned and the governments do not impose a blanket 30% tax on it, we should be ok. But not keeping any high and positive expectations.

The basis of coming global crypto rules will be formed on a new synthesis paper, jointly produced by the International Monetary Fund (IMF) and the Financial Stability Board (FSB), announced India as the holder of the Group of 20 (G20) Presidency in Bangalore on Saturday.
The announcement came after three days of meetings in India among the 20 largest economies of the world, collectively known as the G20, in which creating a global regulatory framework for crypto was a priority.
The discussions held between the G20 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 G20 Presidency which culminates in September when India hosts G20 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 prioritised for its G20 presidency will arrive during India's term, Sitharaman said "first of all we are going through the study process so that their can be informed discussions."
"Something should develop," Sitharaman added while referring to FSB's expected paper in July that will lead to the synthesis paper by September.
Sitharaman also said 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's Central Bank Governor Shaktikanta Das said that there was a marked shift in perception around crypto assets by G20 nations in the past year which saw the collapse of several major crypto companies, including FTX, and a global contagion. There is a wide acceptance about risks involved in crypto assets now, Das said.