A proposal by the International Monetary Fund (IMF) and G20’s Financial Stability Board (FSB) on cryptocurrencies will be discussed at the leaders’ summit this weekend in New Delhi, a government source said on Wednesday.
A paper on cryptocurrencies by the IMF and FSB has been submitted to participating countries, the source said, adding that India has also prepared a presidential note that will include the summary of the report.
In July, FSB published recommendations on cryptocurrencies for firms trading crypto assets after G20’s recommendation. IMF will add to those recommendations and produce a synthesis paper to help G20 countries frame rules.
FSB’s global baseline for crypto regulations
The European Union has already approved the world’s first comprehensive set of rules for cryptoasset markets, but the FSB’s “global baseline” minimum standards are designed to accommodate jurisdictions that want to go further.
Earlier this year, the IMF laid out a nine-point action plan for how countries should treat crypto assets, including a plea not to give cryptocurrencies such as Bitcoin legal tender status.
The way forward will have to be put into effect by the IMF and the FSB for G20 countries, the official said, adding that a standard-setting body will be required to implement the rules after the countries agree on them.
“Somewhere there should be a common template and that template should consist of certain measures that are well defined,” the senior government source added.