G20’s crypto roadmap leaves a margin for domestic judiciary approaches
Roadmap includes supervision and oversight of global stablecoin arrangeme
No particular timeline has been finalised for G20 nations to adopt these
The crypto roadmap was finalised by G20 in October this year
Photo Credit: Facebook/ Nirmala Sitharaman
India is set to handover the presidency of the G20 nations to Brazil in December, after one year of holding it. During India's G20 presidency, it worked with global financial institutions on formulating laws to govern the crypto sector on an international level. Prior to the weekend, Indian finance minister Nirmala Sitharaman provided some insights into the status of this crypto roadmap adoption by G20 nations. While Sitharaman said that the G20 roadmap on crypto has been adopted, more clarity will be given by Brazil in the coming months.
“When we move to the Brazilian presidency, given the momentum that the crypto assets issue has picked up in G20, if there is anything emerging, we will know at that time. At the moment, the content of the roadmap is what is before us to act on,” Sitharaman was quoted by Forbes as saying in a recent press briefing.
This essentially means that all the countries that are part of the G20 group, can customise laws based on the decided crypto roadmap and deploy these rules that includes supervision and oversight of global stablecoin arrangements (GSCs) along with support for responsible fintech innovation.
Sitharaman, as part of her update, also noted that as of now there is no specific timeline decided for G20 nations to deploy their customised versions of the crypto roadmap.
In the coming days, the Financial Stability Board (FSB), International Monetary Fund (IMF), and the Financial Action Task Force (FATF) are expected to check if all nations adopting the crypto roadmap is being put in place without any loopholes for notorious elements to exploit.
This crypto roadmap was finalised with the suggestions of the IMF and the FSB, that also asked crypto-interested nations to leave a margin for domestic judiciary approaches in order to make the sector safe to engage with.
In October, when the G20 nations confirmed the adoption of this roadmap, an official note from G20 had said that, “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.”
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