India, the current president of the Group of Twenty (G20), has released its presidency note on crypto in an effort to have its suggestions included in the framing of global crypto rules, India has released its presidency note on crypto ahead of the G20 Leaders’ Summit in an effort to have its suggestions included in the framing of global crypto rules. The note, which was released by the Indian Finance Ministry, calls for action points such as promoting the effective implementation of the FSB’s recommendations, taking into account macro-financial implications and risks specific to Emerging Markets and Developing Economies, conducting outreach to all jurisdictions, and handing responsibility to coordinate the work around global crypto rules to the IMF and FSB.
The note assumes significance as it’s the official document that voices India’s recommendations before the next iteration of framing global crypto rules – a synthesis paper jointly produced by the International Monetary Fund (IMF) and Financial Stability Board (FSB). In July, the FSB individually called for tougher rules for crypto asset activities and global stablecoin arrangements.
News of the existence of such a note first emerged ahead of the Finance Ministers and Central Bank Governors (FMCBG) meeting in India last month through Ajay Seth, a senior official of the Indian Finance Ministry. Later, at the post-event media briefing, without revealing details of the note, Seth said (India) contributed its own note, it’s the presidency note in the sense that we originated that idea (and) several other countries contributed.