'Cryptocurrencies to be a topic of discussion at G20 leaders' summit'

A proposal regarding cryptocurrencies from the International Monetary Fund (IMF) and the Financial Stability Board (FSB) of the G20 is set to be a topic of discussion during the upcoming leaders' summit in New Delhi, as per a government insider on Wednesday.

The source revealed that a document focusing on cryptocurrencies by the IMF and FSB has been submitted to participating nations. Additionally, India has drafted a presidential note that will encompass a summary of the report.

In July, the FSB issued guidelines regarding cryptocurrency regulations for companies involved in trading crypto assets, following a recommendation from the G20.


The International Monetary Fund (IMF) is set to expand upon these recommendations and create a synthesis paper aimed at assisting G20 nations in establishing regulatory frameworks.

While the European Union has already endorsed the world's inaugural comprehensive set of regulations for cryptoasset markets, the FSB's "global baseline" minimum standards are designed to be flexible, allowing jurisdictions the option to implement more stringent regulations if desired.

Earlier this year, the IMF presented a nine-point action plan outlining how countries should handle crypto assets. This plan included a request not to grant cryptocurrencies like Bitcoin the status of legal tender.

The official mentioned that the IMF and the FSB will need to implement the proposed course of action for G20 countries. Furthermore, after these countries reach a consensus on the rules, a regulatory body responsible for setting and enforcing these standards will be necessary.

As per the senior government source, "Somewhere there should be a common template and that template should consist of certain measures that are well defined."

Inputs from Reuters