Ahead of the G20 Leaders’ Summit on September 9-10 in New Delhi, there is a buzz in the media that some outcomes are expected on crypto regulations from this high-level meeting. So far, three meetings of G20 Finance Ministers and Central Bank Governors (FMCBG) have taken place under India’s G20 presidency.
Regulating cryptocurrencies was discussed prominently in all three meetings. The first FMCBG meeting in February entrusted the International Monetary Fund (IMF), Financial Stability Board (FSB), and Bank for International Settlements to prepare a synthesis paper on crypto regulations based on which member countries can formulate policies.
In the discussions before the Leaders’ Summit, India is expected to move a guidance note on cryptocurrencies, which will summarize all the works done on cryptocurrencies within the G20 framework under India’s leadership.
The note will move the synthesis paper along with its recommendations. India has been advocating for a global consensus on crypto regulations arguing that crypto is essentially a cross-border entity and no one country can regulate it effectively.
Given the pace of developments in the cryptocurrency sector and the need for regulations being felt across the board, it’s expected that the G20 leaders will make some concrete decisions. The meeting may produce a roadmap to crypto regulations.
