India, which is currently the G20 President, has urged the International Monetary Fund (IMF) and Financial Stability Board (FSB) to prepare a joint technical paper on crypto assets.
This paper, which is expected to be presented in October 2023 at the 4th Finance Ministers and Central Bank Governors Meeting, will provide a framework for developing a coordinated and comprehensive policy to regulate them.
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The paper, which will synthesize macroeconomic and regulatory perspectives of crypto-assets, will be complemented by a discussion paper prepared by the IMF and a policy seminar to broaden the dialogue on crypto-assets.
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During the seminar, IMF speaker Tommaso Mancini-Griffoli highlighted the consequences of crypto adoption on a country’s internal and external stability, as well as its financial system. He additionally flagged the worldwide statistics gaps touching on the crypto asset universe and the need to build a deeper understanding of its interlinkages, opportunities and risks.
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Further, the discussion paper raised several pertinent policy questions that policymakers and regulators need to evaluate closely.
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India hopes that the joint paper by the IMF and FSB will help to formulate a comprehensive policy approach to crypto assets, allowing G20 members to shape a coordinated and comprehensive policy response.