{"id":18081,"date":"2023-02-26T03:31:15","date_gmt":"2023-02-26T03:31:15","guid":{"rendered":"https:\/\/crowdfundjunction.com\/blog\/india-asks-imf-and-fsb-for-joint-paper-to-help-formulate-comprehensive-crypto-policy-regulation-bitcoin-news\/"},"modified":"2023-02-26T03:31:15","modified_gmt":"2023-02-26T03:31:15","slug":"india-asks-imf-and-fsb-for-joint-paper-to-help-formulate-comprehensive-crypto-policy-regulation-bitcoin-news","status":"publish","type":"post","link":"https:\/\/crowdfundjunction.com\/blog\/india-asks-imf-and-fsb-for-joint-paper-to-help-formulate-comprehensive-crypto-policy-regulation-bitcoin-news\/","title":{"rendered":"India Asks IMF and FSB for Joint Paper to Help Formulate ‘Comprehensive’ Crypto Policy \u2013 Regulation Bitcoin News"},"content":{"rendered":"

(Originally posted on : Bitcoin News )<\/b>
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India has asked the International Monetary Fund (IMF) and Financial Stability Board (FSB) to develop \u201ca synthesis paper\u201d on crypto assets as part of the G20 meeting of finance ministers and central bank governors under India\u2019s presidency. \u201cThis would help in the formulation of a coordinated and comprehensive policy approach to crypto assets,\u201d said India\u2019s finance ministry.<\/strong><\/p>\n

India Asks IMF and FSB for Technical Paper on Crypto<\/h2>\n

The Indian government released on Saturday its \u201cG20 Chair\u2019s Summary and Outcome Document\u201d following the first two-day G20 meeting of finance ministers and central bank governors that took place in Bengaluru on Feb. 24-25. Crypto regulation was among the topics discussed.<\/p>\n

During a panel discussion on cryptocurrency regulation as part of the G20 meeting, India requested that the International Monetary Fund (IMF) and Financial Stability Board (FSB) collaborate on a technical paper on crypto assets. According to the summary document:<\/p>\n

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IMF and the FSB to jointly submit a synthesis paper integrating the macroeconomic and regulatory perspectives of crypto assets in September 2023.<\/p>\n<\/blockquote>\n

The document adds that the FSB is \u201cto finalize its high-level recommendations on the regulation, supervision and oversight of global stablecoins; and high-level recommendations on the regulation, supervision and oversight of crypto-asset markets and activities by July 2023.\u201d In addition, the Bank of International Settlements (BIS) is \u201cto submit a report on analytical and conceptual issues and possible risk mitigation strategies related to crypto assets.\u201d<\/p>\n

India\u2019s ministry of finance also released a statement Saturday following the G20 meeting of finance ministers and central bank governors. \u201cTo complement the ongoing dialogue on the need for a policy framework, the Indian presidency has proposed a joint technical paper by the International Monetary Fund (IMF) and the FSB, which would synthesize the macroeconomic and regulatory perspectives of crypto assets,\u201d the finance ministry stated, elaborating:<\/p>\n

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This would help in the formulation of a coordinated and comprehensive policy approach to crypto assets.<\/p>\n<\/blockquote>\n

India aims to expand the scope of the G20 discussion on crypto assets to encompass not only financial integrity concerns but also the macroeconomic implications and the widespread adoption of cryptocurrencies throughout the economy, the Indian ministry of finance\u2019s statement further notes.<\/p>\n

Indian Finance Minister Nirmala Sitharaman has been saying for many months that crypto will be a priority<\/a> in G20 discussions under India\u2019s presidency. She said in October last year that India hopes to arrive at a technology-driven regulatory framework<\/a> or a standard operating procedure (SOP) for crypto assets. Sitharaman has also repeatedly pushed for international cooperation<\/a> on crypto.<\/p>\n

This week, the IMF executive board released<\/a> guidance to help countries develop effective crypto policies. Besides recommending that \u201ccrypto assets should not be granted official currency or legal tender status,\u201d the IMF executive board directors \u201cagreed that strict bans are not the first-best option, but that targeted restrictions could apply.\u201d<\/p>\n

What do you think about India asking the IMF and the FSB to jointly develop a technical paper on crypto? Let us know in the comments section below.<\/strong><\/em><\/p>\n

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\nKevin Helms <\/h6>\n

\nA student of Austrian Economics, Kevin found Bitcoin in 2011 and has been an evangelist ever since. His interests lie in Bitcoin security, open-source systems, network effects and the intersection between economics and cryptography.

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Image Credits<\/b>: Shutterstock, Pixabay, Wiki Commons<\/em><\/p>\n

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