December 22, 2022
By Anjali Kochhar
The Group of 20 (G20) countries aims to build a policy consensus on cryptocurrency assets for better global regulation.
“After the crypto meltdown which we have seen recently, it is clear that we need internationally agreed standards on regulation,” said the International Monetary Fund (IMF)’s deputy managing director, Gita Gopinath.
The G20 finance and central bank deputies met for the first time under India’s presidency on Dec. 13-15 in Bengaluru.
Ajay Seth, India’s economic affairs secretary, told Reuters that the regulation should flow from the policy view taken.
“In fact, one of the priorities which have been put on the table is to help countries build a consensus for a policy approach to crypto assets.”
The collapse of the crypto exchange FTX has led to calls for better oversight of the crypto market. FTX filed for bankruptcy in the U.S. on Nov. 11 and former CEO Sam Bankman-Fried (SBF) was arrested this week.
The U.S. government and regulators have brought several fraud charges against FTX and Bankman-Fried.
The members of G20 are Argentina, Australia, Brazil, Canada, China, France, Germany, India, Indonesia, Italy, Japan, the Republic of Korea, Mexico, Russia, Saudi Arabia, South Africa, Turkey, the U.K., the U.S., and the European Union. The group represents around 85% of the world’s GDP.
Gopinath said that the G20 under India’s presidency can make progress in three areas: debt management, crypto regulation, and climate finance. Gopinath is currently in India to attend G20 meetings.
She explained that globally agreed norms are needed for crypto regulations, elaborating: “After the crypto meltdown which we have seen recently, it is clear that we need internationally agreed standards on regulation. Progress on that front being able to accomplish that by 2023 would be a concrete outcome.”
About the author
Anjali Kochhar covers cryptocurrency stories in India as well as globally. Having been in the field of media and journalism for over three years now, she has developed a sharp news sense and works hard to present information that goes beyond the obvious. She is an avid reader and loves writing on a wide range of subjects.