G20 Finance Ministers and Central Bank Governors (FMCBGs) for their fourth and final meeting under India’s Presidency on 12th and 13th October 2023 at Marrakesh, Morocco. The finance ministry of India post updates from the meeting on X, disclosing that FMCBGs have adopt the G20 roadmap on crypto assets.
This update also reveal that the G20 nations will join forces and implement global policies to govern crypto.
The joint communique from the FMCBGs release on Friday, 13th October 2023 said :
“This detail and action-oriented roadmap will help coordinate global policy as well as develop mitigating strategies and regulations on crypto assets while also taking into consideration the specific implications on Emerging Markets and Developing Economies (EMDEs),”.
The International Monetary Fund (IMF) and the Financial Stability Board (FSB) release a joint synthesis paper, back in September 2023.
This paper makes for the roadmap that the G20 nations will follow in-terms of finetuning the global crypto sector.
That document laid down the foundational work for the upcoming crypto laws to be support on.
The suggestions include supervision and oversight of global stablecoin arrangements (GSCs) with support for responsible fintech innovation.
The FSB also ask crypto-interest nations to leave a margin for domestic judiciary approaches.
In its official statement, the FMCBGs said that the IMF-FSB synthesis paper makes for an essential guide for the G20 group to ensure that crypto assets do not disturb the existing financial systems.
As per official note release by Marrakesh :
“We adopt the Roadmap proposed in the synthesis paper as a G20 Roadmap on crypto sssets. This detailed and action-oriented roadmap is essential to achieve our common goals of macro-economic and financial stability and to ensure effective, flexible, and coordinated implementation of the comprehensive policy framework for crypto assets,”.
The group of G20 finance minister and central bank governors have call for a coordinate implementation of the G20 roadmap, including implementation of policy frameworks, outreach beyond G20 jurisdictions, global coordination, cooperation, sharing of information, and addressing gaps in data.
As per papers :
“We ask the IMF and FSB to provide regular and structured updates on the progress of implementation of the G20 Roadmap on Crypto Assets. We support the ongoing work and global implementation of FATF standards on crypto assets,”.
Indian finance ministry hail the idea and spirit of #OneEarthOneFamilyOneFuture from Marrakesh.
𝐈𝐧 𝐭𝐡𝐞 𝐬𝐩𝐢𝐫𝐢𝐭 𝐨𝐟 #𝐎𝐧𝐞𝐄𝐚𝐫𝐭𝐡𝐎𝐧𝐞𝐅𝐚𝐦𝐢𝐥𝐲𝐎𝐧𝐞𝐅𝐮𝐭𝐮𝐫𝐞 𝐚𝐧𝐝 𝐟𝐨𝐥𝐥𝐨𝐰𝐢𝐧𝐠 𝐟𝐮𝐥𝐥 𝐜𝐨𝐧𝐬𝐞𝐧𝐬𝐮𝐬 𝐛𝐲 𝐭𝐡𝐞 #𝐆𝟐𝟎 𝐦𝐞𝐦𝐛𝐞𝐫𝐬, 𝐭𝐡𝐞 𝐅𝐨𝐮𝐫𝐭𝐡 #𝐆𝟐𝟎 𝐅𝐢𝐧𝐚𝐧𝐜𝐞 𝐌𝐢𝐧𝐢𝐬𝐭𝐞𝐫𝐬 𝐚𝐧𝐝 𝐂𝐞𝐧𝐭𝐫𝐚𝐥 𝐁𝐚𝐧𝐤… pic.twitter.com/OLuPvBv9rx
— Ministry of Finance (@FinMinIndia) October 12, 2023
It is likely that by the end of December, India could spell out the rules that have finalise by the G20 group to oversee the volatile digital assets sector.
With India’s G20 presidency culminating in December, the group of nations welcome Brazil to become the next chief of the group.
