GetBlock Magazine – What Happened? Finance ministers and central bank governors of the G20 group of countries (FMCBG), which India currently chairs, have adopted a roadmap for implementing crypto regulation. The plan, which officials called for implementation as soon as possible, involves closing data gaps, implementing framework laws, reaching out to non-G20 countries, and coordinating, collaborating and sharing information globally.

What else is known? Earlier, the G20 countries approved the recommendations of the International Monetary Fund (IMF) and the Financial Stability Board (FSB) regarding the regulation of cryptocurrencies. The document emphasized the risks of digital assets for financial stability, monetary sovereignty and fiscal policy.

In a new statement, FMCBG representatives noted that the roadmap will provide a comprehensive regulatory framework for cryptoassets that aims to preserve macroeconomic and financial stability. The IMF and FSB will regularly report on the progress of its implementation

Earlier, the Bank for International Settlements (BIS) called for regulation of cryptocurrencies instead of a ban, which would be a barrier to innovation. The IMF also called a ban on cryptocurrencies “not the best” approach to risk mitigation, as it would prevent the benefits of the asset class from being realized.

At the same time, the IMF said that cryptocurrencies hinder the collection of taxes, and the amount of duties not introduced and collected is already estimated at tens of billions of dollars. Later, the G20 approved the implementation of the Crypto Asset Reporting Framework (CARF) tax accounting system for crypto assets.

By Linda

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