India is ready to hand over the presidency of G20 countries to Brazil in December after holding the presidency of G20 countries for one year. During India’s G20 presidency, it worked with global financial institutions on creating laws to regulate the crypto sector internationally. Ahead of the weekend, Indian Finance Minister Nirmala Sitharaman provided some information about the status of the adoption of this crypto roadmap by G20 countries. While Sitharaman said that the G20 roadmap on crypto has been adopted, more clarity will be given by Brazil in the coming months.
“Given the momentum that the issue of crypto assets has gained at the G20, if anything is emerging, we will know at that time as we move forward to the Brazilian presidency. “For now, the content of the roadmap is what we have to act on.” cited by forbes As stated in a recent press conference.
This essentially means that all countries that are part of the G20 group can adapt laws based on the decided crypto roadmap and deploy these regulations including support for responsible fintech innovation as well. Involves monitoring and surveillance of the Global Stablecoin System (GSC).
As part of her update, Sitharaman also noted that so far no specific timeline has been decided for G20 countries to deploy their adapted versions of the crypto roadmap.
In the coming days, the Financial Stability Board (FSB), the International Monetary Fund (IMF), and the Financial Action Task Force (FATF) are expected to investigate whether all countries adopting the crypto roadmap will be required to comply without any restrictions for the notorious Loopholes are being implemented. Elements to exploit.
This crypto roadmap was finalized with suggestions from the IMF and FSB, which also asked crypto-interested countries to leave a margin for the approach of the domestic judiciary to make it safe to engage in the sector.
In October, when G20 countries ratified the adoption of this roadmap, an official note from the G20 said that, “This detailed and action-oriented roadmap is an effective and effective way to achieve our common goals of macro-economic and financial stability.” Necessary to ensure.” Flexible and coordinated implementation of a comprehensive policy framework for crypto assets.
(TagstoTranslate)G20 countries adopt crypto roadmap, Indian Finance Minister Nirmala Sitharaman updates cryptocurrencies(T)G20(T)Crypto Roadmap(T)Nirmala Sitharaman