Fun

G20 Countries to Build Crypto Policy Consensus for Better Global Regulation

News Feed - 2022-12-18 12:12:49

G20 Countries to Build Crypto Policy Consensus for Better Global Regulation


The G20 countries aim to build a policy consensus on crypto 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. G20 Nations Discuss Crypto Regulation


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, said at a news conference Wednesday that the G20 nations aim to build a policy consensus on crypto assets for better global regulation. Noting that the implications of crypto assets for the economy, monetary policy, and the banking sector should be studied for the creation of the consensus, Seth was quoted by Reuters as saying: 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 policy approach to crypto assets.


The collapse of 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 the Group of 20 (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. IMF’s Gita Gopinath on Globally Agreed Crypto Standards


The International Monetary Fund (IMF)’s deputy managing director, Gita Gopinath, said Thursday 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.


Seth also said Wednesday that one of the key agendas that the G20 will discuss is the global usage of central bank digital currencies (CBDCs). India’s central bank, the Reserve Bank of India (RBI), has started both wholesale and retail digital rupee pilots. Tags in this story Crypto regulation, G20, g20 crypto, G20 cryptocurrency regulation, india crypto regulation, indian cryptocurrency regulation


What do you think about the G20 building a policy consensus on crypto assets for better global regulation? Let us know in the comments section below. Kevin Helms


A student of Austrian Economics, Kevin found Bitcoin in 2011 and has been an evangelist ever since. His interests lie in Bitcoin security, open-source systems, network effects and the intersection between economics and cryptography. US Senator: Cryptocurrency Cannot Be Stopped, FTX Collapse Isn"t an Indictment of Crypto REGULATION | 8 hours ago Argentine Province of San Luis to Issue Dollar-Pegged Stablecoin and Local Art NFTs REGULATION | 2 days ago


Image Credits: Shutterstock, Pixabay, Wiki Commons Previous articleMad Money’s Jim Cramer: I Trust My Money More in Draftkings Than I Would Binance Next articleNational Bank of Kazakhstan Publishes Whitepaper for Digital Tenge Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article. Read disclaimerShow comments More Popular NewsIn Case You Missed ItRipple CEO: SEC Lawsuit Over XRP "Has Gone Exceedingly Well"


The CEO of Ripple Labs says that the lawsuit brought by the U.S. Securities and Exchange Commission (SEC) against him and his company over XRP "has gone exceedingly well." He stressed: "This case is important, not just for Ripple, it’s ... read more.Today"s Top Ethereum and Bitcoin Mining Devices Continue to Rake in Profits Australia to List Bitcoin ETF After 4 Clearinghouse Participants Commit to Meet Stringent Margin Terms Digital Ruble ‘Much Needed,’ Russia’s Central Bank Says, Won’t Delay Testing Microbt Reveals Latest Bitcoin Mining Rigs — Machines Produce up to 126 TH/s With Custom 5nm Chip Design

News Feed

Troubled NZ Crypto Exchange Cryptopia Suffers Another Hack in the Midst of Liquidation Process
Troubled NZ Crypto Exchange Cryptopia Suffers Another Hack in the Midst of Liquidation Process Controversy still surrounds a liquidated New Zealand cryptocurrenc
Brian Quarmby3 hours agoX will foot legal bills of users unfairly treated by employers for posting or liking content — Elon MuskThe move appears to be in support of people that were fired or mistreated at work for liki
Survey Shows 40% of US Crypto Owners Forget Their Password, 20% Write Passwords on Paper
Survey Shows 40% of US Crypto Owners Forget Their Password, 20% Write Passwords on Paper According to a recent study on crypto asset storage and passwords, a sur
Biggest Movers: ETC Climbs to 1-Week High, as AXS Moves Away From 10-Month Low
Biggest Movers: ETC Climbs to 1-Week High, as AXS Moves Away From 10-Month Low During a volatile day of trading, ethereum classic rose to a one-week high earlier in the session, be
Three Arrows Capital Co-Founder Announces New Crypto Venture Open Exchange Amid Bankruptcy Controversy
Three Arrows Capital Co-Founder Announces New Crypto Venture Open Exchange Amid Bankruptcy Controversy Following the recent court filing from liquidators for Three Arrows Capital
49 US States Unveil Unified Regulation for Cryptocurrency Firms
49 US States Unveil Unified Regulation for Cryptocurrency FirmsThe Conference of State Bank Supervisors, representing regulators from all U.S. states and territories, has launched a
William Suberg25 minutes agoMining BTC is harder than ever — 5 things to know in Bitcoin this weekBitcoin wakes up to near $28,000 ahead of a jump to a new BTC mining difficulty record as billionaire investor Ray Dalio
Amazon takes minority share in ChatGPT rival Anthropic AI
Savannah Fortis1 hour agoAmazon takes minority share in ChatGPT rival Anthropic AIAmazon has fulfilled its $4-billion investment commitment to AI startup Anthropic, announcing a minority ownership stake in the company an
New Stimulus Checks: Barbara Corcoran Slams Mark Cuban’s Expiry Date Idea, Favors Long-Term Relief
New Stimulus Checks: Barbara Corcoran Slams Mark Cuban"s Expiry Date Idea, Favors Long-Term ReliefFamous investor and “Shark Tank” star Barbara Corcoran has criticized M
Poly Network Hacker Says ‘In the Defi World Code Is Law’ While Returning Millions in Defi Tokens
Poly Network Hacker Says "In the Defi World Code Is Law’ While Returning Millions in Defi Tokens Two days after the notorious Poly Network hack, the hacker con
Bitcoin Miners Earn Over $1 Million per Hour — Revenue Increases 185% Since the 2020 Halving
Bitcoin Miners Earn Over $1 Million per Hour — Revenue Increases 185% Since the 2020 Halving Bitcoin miners have been yielding a very profitable year in monthl
LBank Secures Virtual Asset Provider Registration to Operate in Italy
LBank Secures Virtual Asset Provider Registration to Operate in Italy press release PRESS RELEASE.Global crypto exchange LBank has registered as a Virtual Asset Provider with Italia