Representatives at the G20 are looking to develop a streamlined policy agreement for crypto assets to inform global regulation.
“One of the priorities which have been put on the table is to help countries build a consensus for policy approach to the crypto assets," Ajay Seth, India's federal economic affairs secretary, said at a press conference on Wednesday, Reuters reported.
The G20 is holding its first central bank deputies meeting this week in Bengaluru. India took up the presidency of the G20 at the start of December for a one-year term, taking over from Indonesia.
To inform the consensus on crypto regulation, Seth added that monetary policy, the banking sector and implications of crypto on the economy need to be studied.
This is not the only global organization stepping up its work on crypto. The Organisation for Economic Co-operation and Development released a report calling urgent policy action on crypto assets yesterday.
The collapse of FTX crypto exchange has spurred urgency in regulators around the world to regulate the crypto sector, following what has been dubbed “one of the biggest frauds in American history.”
© 2023 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.