Marrakesh, Morocco will host the G20 Finance Ministers and Central Bank Governors (FMCBG) on October 12-13, the fourth and final meeting of India’s rotating presidency. The Indian Ministry of Finance released the latest news on the meeting on X, revealing that FMCBG has adopted the G20 crypto-asset roadmap. The update also revealed that G20 countries will join forces to implement global cryptocurrency policy.
“This detailed and action-oriented roadmap will help coordinate global policy and develop crypto-asset-specific mitigation strategies and regulations, taking into account specific impacts on emerging market and developing economies (EMDEs),” the agency said. joint communiqué Excerpted from FMCBG published on Friday, October 13th.
The International Monetary Fund (IMF) and the Financial Stability Board (FSB) released a joint comprehensive document in September this year. This article lays out a roadmap for what G20 countries will follow in fine-tuning the global cryptocurrency industry.
The document lays the groundwork for upcoming cryptocurrency laws. The recommendations include oversight and oversight of the Global Stablecoin Arrangement (GSC), as well as support for responsible fintech innovation. The Financial Stability Board also asked countries interested in cryptocurrencies to leave room for domestic judicial measures.
The FMCBG said in an official statement that the IMF-FSB comprehensive document provides important guidance for the G20 group to ensure that crypto assets do not disrupt the existing financial system.
“We adopt the roadmap proposed in the synthesis paper as the G20 roadmap for crypto-assets. This detailed and action-oriented roadmap is essential for achieving our shared goals of macroeconomic and financial stability and ensuring effective, flexible and coordinated implementation of crypto-assets. An asset-integrated policy framework is critical.” Official description Marrakech posted.
The G20 finance ministers and central bank governors group called for coordinated implementation of the G20 roadmap, including the implementation of policy architecture; outreach activities beyond the scope of the G20; global coordination, cooperation, information sharing and addressing data gaps.
“We request the International Monetary Fund and the Financial Stability Board to provide regular and structured updates on the implementation progress of the G20 Crypto-Assets Roadmap. We support FATF’s continued work and global implementation of crypto-asset standards,” the document states.
India’s Finance Ministry on Friday praised the philosophy and spirit of #OneEarthOneFamilyOneFuture in Marrakech.
By the end of December, India is likely to detail the rules finalized by the G20 group to regulate the volatile digital asset industry. As India’s G20 presidency ends in December, the group welcomed Brazil as its next chair.
“The FMCBG’s adoption of the G20 Crypto-Assets Roadmap represents a major step forward in promoting international cooperation in the regulation of crypto-assets. This comprehensive roadmap can guide and shape global policy, develop risk mitigation strategies, and develop adaptability for crypto-assets. Strong regulations. Commenting on the development of Gadgets 360, Mudrex CEO Edul Patel said: “It emphasizes addressing the unique challenges encountered by emerging market and developing economies and reflects a forward-looking approach to the rapidly evolving financial landscape. ”
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