G20 Adopts IMF-FSB Roadmap on Crypto Assets

The G20 finance ministers and central bank governors (FMCBG) have endorsed the crypto assets roadmap outlined in the synthesis paper by the International Monetary Fund (IMF) and Financial Stability Board (FSB). Following the conclusion of the FMCBG’s final meeting under India’s presidency in Marrakesh, a joint statement was released emphasizing the importance of a coordinated approach to policy frameworks, global collaboration, and addressing data discrepancies.

Key highlights from the communique include:

• A call for the IMF and FSB to consistently update on the G20 Roadmap on Crypto Assets’ progress.
• An endorsement of the global implementation of Financial Action Task Force (FATF) standards concerning crypto-assets.

The G20 finance ministers believe that this roadmap is crucial for maintaining macro-economic and financial stability and ensuring a coordinated approach to crypto asset policies.

India’s Finance Minister, Nirmala Sitharaman, highlighted the roadmap as a significant outcome of the FMCBG discussions. She mentioned the G20’s directive to the global forum, the Organisation for Economic Co-operation and Development (OECD), to establish a timeline for initiating exchanges under the Crypto Asset Reporting Framework (CARF) by 2027.

Sitharaman further categorized the G20’s crypto discussions into three segments: monitoring progress, focusing on cross-border and information-sharing activities, and extending the scope beyond G20 jurisdictions and FSB membership.

The synthesis paper by IMF-FSB proposed that crypto assets should not be recognized as official currency or legal tender. It also advised against a complete ban on crypto-related activities. The paper suggested that central banks should refrain from including crypto assets in their official reserves. It emphasized the need for countries to protect their monetary sovereignty by clearly defining the legal status of crypto assets and ensuring a clear tax framework for them. The paper also highlighted the amplified macro-financial risks that emerging markets and developing economies might face due to crypto assets.

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