Bengaluru
The IMF and Financial Stability Board (FSB) have been requested by India, which is presently in charge of the G20, to work together to create a technical paper on crypto assets that may be used to create a coordinated and all-encompassing policy to govern them. According to an announcement from the finance ministry, the international organizations plan to present their joint document at the 4th Finance Ministers and Central Bank Governors Conference in October 2023.
The Indian Presidency has proposed a combined technical study by the International Monetary Fund (IMF) and the FSB, which would synthesize the macroeconomic and regulatory aspects of crypto-assets, to supplement the existing conversation on the need for a policy framework. This would facilitate the creation of a coherent and coordinated policy approach to crypto assets, the report added.
The discussions included a wide range of subjects, such as the need for a common taxonomy and a systematic classification of the crypto asset universe, the advantages and risks of crypto assets macroeconomic policy questions that needed to be further evaluated, and financial stability issues and regulatory responses.
The event, according to the statement, has aided in starting a wider conversation about crypto assets, but it has also raised a number of important policy issues that regulators and politicians need to carefully consider. It stated that in addition to assessing how crypto assets would affect the whole economy, there is also an existential question about whether crypto assets are really the best way to address the problems with current international financial systems.
