Home > NEWS > FSB, IMF and BIS papers to set global crypto framework, says G20

FSB, IMF and BIS papers to set global crypto framework, says G20

A series of recommendations and papers setting standards for a global crypto regulatory framework will be released by the institutions in July and September.

On February 25th, the Group of 20 leading economies announced that the Federation of Financial Stability (FSB), the International Monetary Fund (IMF) and the Bank for International Settlements (BIS) would submit documents and recommendations to regulate the regulatory framework for the world's login passwords.

According to a summary document with the conclusions of the meeting of finance ministers and Fed chairmen around the world, the FSB will issue proposals for stable currency lending, encrypted asset activity and market regulation, regulation and regulation around the world by July.

The next implementation plan is to be announced in September, when the Financial Stability Committee and the International Monetary Fund should work together to submit "a comprehensive report on the macroeconomic policy and regulatory perspectives of encrypted assets." In the same month of the same year, the International Monetary Fund also released a report on the "potential macroeconomic and financial hazards" caused by the widespread adoption of the central bank digital currency (CBDC). According to the statement of the G20:

You look forward to the IMF-FSB comprehensive document, which will adopt a comprehensive policy approach to the coordinated management of encrypted assets, taking into account the macroeconomic policy and regulatory perspective, including the overall risk of encrypted assets.

The BIS will also submit a report on the analysis and definition of encrypted assets and the likely risk mitigation strategy. The time frame of this report is not mentioned in the document. A G-20 financial research group, in particular, has also applied scientific research to the application of encrypted assets to finance terrorism.

The certificate will be released after a two-day announcement conference in the Indian city of Bangalu. At the first financial conference since India became president of the United States, the group discussed key financial stability and regulatory priorities for data assets, according to Cointelegraph.

During the event, U.S. Treasury Secretary Emily Yellen said it was particularly important to establish a strong regulatory framework for activities related to login passwords. She also stressed that the host country was not proposing to "completely ban encryption-themed activities". Cristaria Georgiyeva, chief executive of IMF, told reporters on the sidelines of the meeting that the strict ban on encryption should be a choice for the G20.

by wjb news
© 2023 WJB 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.

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