- Members of the Group of Twenty (G20), have adopted the recently postponed roadmap focusing on the regulation of digital currencies.
- Proposed by the International Monetary Fund (IMF) and the Financial Stability Board (FSB), the framework champions the regulation of cryptocurrencies.
The Group of Twenty, also known as G20, has opened its arms to the IMF-SFSB synthesis paper centered around the regulation of digital currencies.
The International Monetary Fund and the Financial Stability Board recently proposed a regulatory roadmap in a Synthesis Paper created by both organizations.
The G20 or Group of 20 is an intergovernmental forum comprising 19 sovereign countries, the European Union, and the African Union. At its core, the forum is focused on addressing major issues relating to the global ecosystem. International financial stability, sustainable development and climate change mitigation are some of the many issues that the organization seeks to tackle.
G20 members such as finance ministers and governors of Central banks, under the Indian ruling presidency, have adopted the recently proposed roadmap. The roadmap centers on the regulation of digital currencies like Bitcoin and its counterparts. This roadmap was proposed by the International Monetary Fund (IMF) and the Financial Stability Board (FSB).
The proposed roadmap speaks to the implementation of comprehensive regulatory policies while adding that supervision of the industry is a much better approach for crypto than the current framework. This is largely positive for crypto, as the roadmap does not aid the implementation of an overall ban on digital currencies and crypto assets of all kinds.
Notably, the Finance Ministers and Central Bank Governors (FMCBGs) of G20 nations held a meeting under the Indian Presidency that concluded on the 13th of October. The meeting, held in Marrakesh, Morocco, saw participants unanimously adopt the G20 Finance Ministers and Central Bank Governors Communique.
Central Bank Governors Communique calls for stronger crypto guidelines
During the adoption of the roadmap laid out in the Synthesis Paper, the communique spoke on the need for a comprehensive framework that would aid financial stability.
The communique is quoted as saying;
Detailed and action-oriented roadmap is essential to achieve our common goals of macro-economic and financial stability and to ensure effective, flexible, and coordinated implementation of the comprehensive policy framework for crypto assets.
Speaking on the importance of enacting and integrating the highlighted roadmaps in the near term, the communique further called for a swift and coordinated implementation of the G20 Roadmap. It includes the implementation of policy key frameworks, outreach beyond the G20 jurisdictions, global coordination, cooperation, and information sharing; and addressing data gaps. The communique asserted.
We ask the IMF and FSB to provide regular and structured updates on the progress of implementation of the G20 Roadmap on Crypto Assets. We support the ongoing work and global implementation of FATF standards on crypto-assets.
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