India has proposed a joint technical paper by the International Monetary Fund (IMF) and the Financial Stability Board (FSB) on crypto assets, according to a statement released by the Indian government. The organisations are expected to present their joint paper during the 4th Finance Ministers and Central Bank Governors meeting in October 2023. The government views this paper as a way to “complement the ongoing dialogue on the need for a policy framework” to govern crypto assets. Why it matters: The paper could prove to be significant as it is likely to support a coordinated and comprehensive policy approach to crypto assets globally. It will also provide insight into the risks stemming from crypto assets by considering macroeconomic and regulatory perspectives. The announcement is in line with India’s efforts to develop consensus for a coordinated approach to regulate crypto assets during its G20 presidency. Key takeaways from India’s statement: The government said that it looks to expand the scope of the G20 discussion on crypto assets beyond “financial integrity concerns and capture the macroeconomic implications and widespread crypto adoption in the economy”. Reserve Bank of India (RBI) Governor Shaktikanta Das said that efforts are on to come up with an international framework to deal with the problem of crypto assets. Moreover, the government revealed that it had requested the International Monetary Fund (IMF) to prepare a discussion paper on the broader macroeconomic and financial stability implications of crypto assets. The international body underscored crypto’s purported benefits such as cheaper and faster cross-border payments,…
Why did India propose a technical paper on crypto assets by IMF & FSB?
The paper could prove to be significant as it is likely to support a coordinated and comprehensive policy approach to crypto assets globally.
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