No final decision on crypto regulation in G20 Summit, Morocco meet awaited

Crypto regulation in G20: While addressing the press after the G20 Leaders’ Summit 2023, Finance Minister Nirmala Sitharaman said that the final decision on the global regulatory framework on crypto regulation is yet to be taken.

According to Sithraman, the next G20 meeting proposed in Marrakesh, Morocco will discuss the global regulations in the light of the Synthesis Paper released by the Financial Stability Board (FSB) and International Monetary Fund (IMF). 

The released Synthesis Paper suggests that a blanket ban on cryptocurrencies will not work. However, the Finance Minister refused to comment on the possibility of a complete ban or the details of a regulatory template.

Consensus is emerging

Sitharam said that under the Indian G20 Presidency, the demand for a global consensus on crypto regulations has gained momentum and the government can ensure that a global consensus is emerging. 

For now, the Financial Stability Board (FSB) is setting the contours of the regulatory framework for international regulations along with the International Monetary Fund (IMF). 

The recently released IMF and FSB synthesis paper includes the roadmap which delves into the regulatory framework that will fit together and interact with each other.