The Group of twenty (G20) and the International Monetary Fund (IMF) have announced plans to create a joint technical paper that would guide the creation of a policy on cryptocurrency assets for member countries.
This decision was announced by the Indian Government, which presently heads the G20, in its G20 Chair’s Summary and Outcome Document” issued during the two-day G20 meeting of finance ministers and central bank governors that took place in Bengaluru on Feb. 24-25.
The Indian Minister of Finance, Nirmala Sitharaman also released a statement Saturday after the meeting of finance ministers and central bank governors said “To complement the ongoing dialogue on the need for a policy framework, the Indian presidency has proposed a joint technical paper by the International Monetary Fund (IMF) and the FSB, which would synthesize the macroeconomic and regulatory perspectives of crypto assets.
“This would help in the formulation of a coordinated and comprehensive policy approach to crypto assets,”
According to the statement, the IMF-JSB paper is “expected to integrate the policy questions pertaining to macro-financial and regulatory perspectives of crypto assets and facilitate a global consensus on a well-coordinated and comprehensive policy approach to crypto assets,”
The Indian Government also tasked member states to create a discussion paper on the topic for the second G20 Finance and Central Bank Deputies Meeting where policy perspectives for crypto assets were discussed.
The paper is expected to be presented during the fourth G20 Finance Ministers and Central Bank Governors Meet, scheduled to hold in October.