The G20 Summit in New Delhi could potentially see the culmination of five years of discussions on a universal template for cryptocurrency regulation. It was during the 2018 Buenos Aires summit that the G20 leaders made a collective decision to regulate crypto-assets, primarily aiming to combat money laundering and terrorist financing.
Currently, two pivotal documents are under review by the Sherpas and respective delegations, which will lay the foundation for future crypto regulations. One is a collaborative synthesis paper by the IMF (International Monetary Fund) and the Financial Services Board (FSB), while the other is a Presidential note submitted by India.
The stance of the FSB has been that, at present, crypto-assets do not threaten global financial stability, primarily because they aren’t replacing traditional currencies. Moreover, their application in real economy and financial transactions remains restricted. The FSB cautioned, however, that the dynamic nature of the crypto market means this initial evaluation might shift if crypto-assets gain more traction or interlink heavily with the core regulated financial system.
The focal points encompass not only the monitoring of potential financial stability threats but also matters of consumer and investor safety, illegal activities, money laundering, and financing of terrorism.India, emphasizing the borderless nature of cryptocurrencies, has advocated for international collaboration for its regulation. The Indian government believes that a global approach is crucial to effectively address the complexities of this decentralized digital asset.
In addition to the crypto deliberations, India is keenly interested in reaching an agreement within the G20 framework regarding debt vulnerability. With three-quarters of the member nations grappling with varying intensities of debt repayment challenges, India sees this as a priority. Another central area of focus is the Multilateral Development Banks (MDBs). Presently, G20 members are considering proposals from subgroups, which include a recommendation for a $200 billion fund designated for financing over the upcoming ten years.
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