India releases opinion on formulating global cryptocurrency regulations

Author: Amitoj Singh, CoinDesk; Translation: Song Xue, LianGuai

The current G20 presidency, India, has released a presidential statement on cryptocurrencies in an attempt to incorporate its proposals into the framework of global cryptocurrency rules.

This statement is significant as it is the official document submitted by India before formulating the next round of global cryptocurrency rules – a comprehensive document jointly prepared by the International Monetary Fund (IMF) and the Financial Stability Board (FSB). In July, the Financial Stability Board separately called for stricter regulations on cryptocurrency activities and global stablecoins.

The statement revealed that the comprehensive document is expected to be released by the end of August, less than two weeks before the G20 Leaders’ Summit. On July 18th, the IMF blog stated that the organization will submit the comprehensive document at the Leaders’ Summit.

The statement requests that the comprehensive document includes action points, such as ensuring that the recommendations of the Financial Stability Board and all other standard-setting bodies can be effectively implemented. In addition, the statement also calls for the consideration of macro-financial implications and risks specific to emerging markets and developing economies.

Other action points include engaging with all jurisdictions to raise awareness of risks, starting with regions with a higher adoption rate of cryptocurrencies, involving non-G20 members, and entrusting the responsibility of coordinating global cryptocurrency rule-making to the IMF and FSB.

Last month, prior to the meeting of the Indian Finance Ministers and Central Bank Governors (FMCBG), senior officials from the Indian Ministry of Finance disclosed the existence of this statement. Later, in a post-meeting press conference, Seth did not reveal the details of the statement, stating, “India has made its own statement, which is, in a sense, a presidential statement, and we came up with the idea (and) several other countries also contributed.”

Two informed sources pointed out, “G20 members are seeking modifications to the statement as any document submitted by India as the current G20 presidency should reflect the collective considerations of the members.”

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