NEW DELHI: A proposal from the International Monetary Fund (IMF) and the G20 Financial Stability Council (FSB) on cryptocurrencies will be discussed at the leadership summit in New Delhi this weekend, a government source said on Wednesday.
A paper on cryptocurrencies from the IMF and FSB has been submitted to participating countries, the source said, adding that India has also prepared a presidential note that will contain the summary of the report.
In July, the FSB published recommendations on cryptocurrencies for companies trading crypto assets, following the G20’s recommendation. The IMF will complement these recommendations and prepare a synthesis document to help G20 countries set rules.
The European Union has already approved the world’s first comprehensive set of rules for crypto asset markets, but the FSB’s “global base” minimum standards are designed to accommodate jurisdictions that want to go further.
Earlier this year, the IMF issued a nine-point action plan for how countries should treat crypto assets, including a plea to ban cryptocurrencies such as bitcoin legal tender status.
The way forward will have to be implemented by the IMF and FSB for G20 countries, the official said, adding that a standards-setting body will be needed to implement the rules after countries agree.
“Somewhere there should be a common template and that template should consist of certain measures that are well defined,” the senior government source added.
A paper on cryptocurrencies from the IMF and FSB has been submitted to participating countries, the source said, adding that India has also prepared a presidential note that will contain the summary of the report.
In July, the FSB published recommendations on cryptocurrencies for companies trading crypto assets, following the G20’s recommendation. The IMF will complement these recommendations and prepare a synthesis document to help G20 countries set rules.
The European Union has already approved the world’s first comprehensive set of rules for crypto asset markets, but the FSB’s “global base” minimum standards are designed to accommodate jurisdictions that want to go further.
Earlier this year, the IMF issued a nine-point action plan for how countries should treat crypto assets, including a plea to ban cryptocurrencies such as bitcoin legal tender status.
The way forward will have to be implemented by the IMF and FSB for G20 countries, the official said, adding that a standards-setting body will be needed to implement the rules after countries agree.
“Somewhere there should be a common template and that template should consist of certain measures that are well defined,” the senior government source added.
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