The G20’s Finance Ministers and Central Bank Governors (FMCBG) have worked together to develop a roadmap for addressing the issues and investigating the prospects related to cryptocurrencies like Bitcoin and Ethereum.
The International Monetary Fund (IMF) and the Financial Stability Board (FSB) together produced the roadmap proposal.
The synthesis paper offers a thorough plan for advancing global regulations and governance for cryptocurrencies. It emphasizes how crucial it is to address the particular effects that these digital assets have on developing and emerging markets (EMDEs).
The study focuses on five key areas: developing policy, engaging nations outside the G20, international cooperation, information sharing, and closing data gaps.
We approve the path suggested in the Synthesis Paper as a G20 path on Crypto Assets, according to the G20 FMCBG communiqué, which was released on Thursday following their fourth and final meeting in Marrakesh, Morocco, under the Indian chair.We demand that the G20 Roadmap be implemented swiftly and in a coordinated manner, particularly by putting in place policy frameworks, expanding outreach outside of G20 borders, fostering international coordination, cooperation, and information sharing, and filling up data gaps.
According to the press release, the G20 FMCBG would want to receive regular updates on the roadmap’s execution from the Financial Stability Board (FSB) and International Monetary Fund (IMF).
They also expressed support for the ongoing work and universal acceptance of the cryptocurrency-related guidelines created by the Financial Action Task Force (FATF).
Along with bitcoin assets, the G20 Finance Ministers and Central Bank Governors released a statement that covered other significant subjects. These included supporting a long-term COVID-19 pandemic recovery, enhancing cross-border payments, bolstering multilateral development banks (MDBs), and furthering climate change initiatives.
In order to meet the global problems of the twenty-first century, these ministers have pledged to make significant efforts in reforming and strengthening Multilateral Development Banks (MDBs). They are putting a lot of emphasis on addressing the requirements of developing nations in lower- and middle-income countries.
The strategy also stresses the importance of proactively implementing the suggestions made by the G20 Independent Review of MDBs’ Capital Adequacy Frameworks (CAFs) within the governing structures of these institutions while guaranteeing their long-term financial stability.
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