G20 FMs and Central Bank Governors espouse roadmap for Crypto regulation
The roadmap for the effective, adaptable, and coordinated implementation of the comprehensive policy framework for crypto assets was approved by the G20 finance ministers and central bank governors on Thursday. A synthesis report that combines different proposals from the Financial Stability Board (FSB) and the International Monetary Fund (IMF) serves as the foundation for the roadmap. To keep cryptocurrency assets from harming macroeconomic and financial stability, the FSB has suggested limits rather than a complete prohibition.
We accept the G20 Roadmap for Crypto Assets as suggested in the Synthesis Paper. The comprehensive policy framework for crypto assets must be implemented in an efficient, flexible, and coordinated manner in order to achieve our shared goals of macroeconomic and financial stability, according to the G20 communique released following the meeting in Marrakech, Morocco.
The G20 FMs and Central bank governors have urged for the rapid and coordinated implementation of the G20 Roadmap, which includes the implementation of policy frameworks, outreach outside of G20 jurisdictions, international coordination, cooperation, and information sharing, as well as the filling of data gaps. They also ordered the IMF and FSB to submit frequent, organised updates on the status of the G20 Roadmap on Crypto Assets implementation. Additionally, it offered its support for the Financial Action Task Force's ongoing efforts and global adoption of its standards for crypto-assets.
The group asked the International Financial Architecture Working Group to discuss the Independent Expert Group's recommendations in consultation with multilateral development banks MDBs and offer a way forward for 'better, bigger and more effective MDBs', including ways to work together better as a system, at the meeting in April 2024. The Independent Expert Group was co-chaired by 15 finance commission chairman N K Singh and former treasury secretary Larry Summers.
The necessity for carefully calibrated monetary, fiscal, financial, and structural policies was again emphasised by the G20 FMs and Central bank governors in order to foster growth, lessen inequality, and preserve macroeconomic and financial stability.
