The Financial Stability Board (FSBfor its acronym in English), the International Monetary Fund (IMF) and the Bank for International Settlements (BIS) present documents and recommendations that establish standards for a global regulatory framework for cryptocurrenciesthe group of the world’s 20 largest economies, collectively known as the G20, announced on February 25.
According to a document summarizing the results of the meeting with finance ministers and central bank governors, the FSB will publish by July 2023 recommendations on the regulation, supervision and surveillance of global stablecoins, crypto asset markets and activities.
The next guidance is expected in September 2023, when the FSB and the IMF will jointly present “a synthesis paper integrating the macroeconomic and regulatory outlook for crypto assets”. That same month, the IMF will also publish a report on the “potential macrofinancial implications of widespread adoption” of central bank digital currencies (CBDCs). According to the G20 declaration
“We look forward to the IMF-FSB synthesis paper that will support a coordinated and comprehensive policy approach to crypto assets, through consideration of the macroeconomic and regulatory outlook, including the full range of risks posed by crypto assets.”
The BIS will also present a report on analytical and conceptual issues and possible risk mitigation strategies related to crypto assets.. The deadline for this report is not mentioned in the document. A G20 financial task force will also look into the use of crypto assets to finance terrorist activities.
The announcement came after two days of official meetings in Bengaluru (India). At the first financial meeting under the Indian presidency, the group addressed key priorities in financial stability and regulation of digital assetsCointelegraph reported.
During the event, the United States Secretary of the Treasury, Janet Yellen, said it was “critical to establish a strong regulatory framework” for cryptocurrency-related activities. He also pointed out that the country is not suggesting a “total ban on cryptocurrency-related activities”. Speaking to reporters on the sidelines of the event, IMF Managing Director, Kristalina Georgieva, stated that a ban on cryptocurrencies should be an option for G20 countries.
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