- The G20 summit recently concluded in India with a declaration that addresses various global issues.
- The declaration highlights support and regulation for crypto assets and CBDCs.
- The FSB and IMF presented a report to the G20 citing importance of regulating the crypto industry.
The G20 summit held in New Delhi concluded with the release of a comprehensive 37-page declaration, addressing various global issues. One of the key highlights of the declaration was the section dedicated to the policy and regulation of crypto assets and central bank digital currency (CBDC).
Read CRYPTONEWSLAND on
google news
With India holding the G20 Presidency this year, this landmark declaration signifies a significant step toward the regulation of the burgeoning cryptocurrency market.
The declaration, which involved leaders from around the world, including US President Joe Biden, emphasized the need to closely monitor the rapid developments in the crypto asset ecosystem. It voiced support for the Financial Stability Board’s (FSB) high-level recommendations regarding the regulation, supervision, and oversight of crypto asset activities and markets, as well as global stablecoin arrangements. Notably, the FSB had finalized these recommendations in July.
Under these new regulations, starting from 2027, bitcoin and cryptocurrency exchanges, as well as related companies, will be obligated to share transaction information across international borders. This move is aimed at enhancing transparency and mitigating potential risks associated with crypto assets.
Earlier in the week, the FSB and the International Monetary Fund (IMF) jointly presented a report to the G20, highlighting the importance of international cooperation and information sharing in the realm of cryptocurrencies.
The report cautioned against a blanket ban on Bitcoin and other crypto assets, citing the complexity and costs associated with enforcement. However, it also recommended that cryptocurrencies should not be granted official currency or legal tender status, and central banks should refrain from holding them.
The G20’s commitment to regulating crypto assets reflects a growing global awareness of the need for coordinated efforts to address the challenges and opportunities presented by the crypto revolution. As the crypto market continues to evolve, these regulations are poised to play a pivotal role in shaping its future.
Read Also :
disclaimer read moreCrypto News Land (cryptonewsland.com) , also abbreviated as “CNL”, is an independent media entity — we are not affiliated with any company in the blockchain and cryptocurrency industry. We aim to provide fresh and relevant content that will help build up the crypto space since we believe in its potential to impact the world for the better. All of our news sources are credible and accurate as we know it, although we do not make any warranty as to the validity of their statements as well as their motive behind it. While we make sure to double-check the veracity of information from our sources, we do not make any assurances as to the timeliness and completeness of any information in our website as provided by our sources. Moreover, we disclaim any information on our website as investment or financial advice. We encourage all visitors to do your own research and consult with an expert in the relevant subject before making any investment or trading decision.
