The proposed reporting format is part of the international agency’s support for the G20 crypto asset roadmap adopted last year.
G20 News
The Group of Twenty, or the G20, is an international forum for the governments and central banks of countries with developed and developing economies. The G20 includes countries from different continents and aims for cooperation and consultation on questions about the international financial system. G20 summits hadn’t been organized until 2008, as its main form of activity had been annual meetings of ministers of finances and central banks’ presidents. In terms of cryptocurrency, G20 members currently are not going to implement rigorous regulatory measures on it. According to their last report on digital currencies, G20 members came to the conclusion that cryptocurrency can play an important role in increasing the efficiency and transparency of the global financial system, so it wouldn’t be good to limit the development of these technologies.
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The Group of Twenty accepted the regulatory roadmap proposed in a joint Synthesis Paper of the International Monetary Fund and the Financial Stability Board.
3711The G20 member nations recommended addressing existing concerns around data protection, biases, appropriate human oversight and ethics to ensure the responsible use and development of AI.
4137The upcoming framework will affect users in several countries by automatically exchanging information about crypto transactions between jurisdictions on an annual basis.
38884The crypto exchange’s focus on non-U.S. markets is part of the next phase in its expansion plans.
5000Sitharaman said crypto was a “threat as well as an opportunity” while confirming that G20 members are working toward establishing a global crypto framework.
4182The country emphasizes the necessity of dealing with the risks of digital assets in developing economies.
18612G20 finance ministers and central bank governors are meeting this month, and the Bank for International Settlements has findings to present.
4190The G20 also aims to bring together global economies to fight debt distress and hyperinflation in smaller economies like Sri Lanka and Ghana.
7767A series of recommendations and papers setting standards for a global crypto regulatory framework will be released by the institutions in July and September.
18291On the sidelines of the G20 meeting, U.S. Treasury Secretary Janet Yellen said the country is not pushing for an outright banning of crypto activities.
14315India’s finance minister called for a coordinated effort “for building and understanding of the macro-financial implications,” which could be used to build global crypto reforms.
6835The BIS-affiliated advisory body will release its final recommendations on global crypto asset regulation and supervision in July.
4954Nirmala Sitharaman hopes that finance ministers and central bank governors can agree on crypto regulations at the G20 meeting in Bengaluru later this month.
5411Nirmala Sitharaman’s comments came amid the Reserve Bank of India launching its digital rupee pilot program for the wholesale segment.
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