India Asks IMF and FSB for Technical Paper on Crypto

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As the president of the G20 this year, India is playing an important role in shaping global policy on cryptoassets. In a letter sent to the IMF and the FSB, the Indian Ministry of Finance has requested help formulating a “synthpoplar” policy on crypto assets. The paper will be used to help formulate a coordinated and comprehensive approach to these new and developing technologies.

Indian Ministry of Finance asks IMF and FSB to collaborate on cryptoassets paper

The Indian Ministry of Finance has asked the IMF and the Financial Stability Board (FSB) to collaborate on a technical paper on crypto assets. This paper would synthesize the macroeconomic and regulatory perspectives of cryptoassets. The FSB is “to finalize its high-level recommendations on the regulation, supervision and oversight of global stablecoins; and high-level recommendations on the regulation, supervision and oversight of crypto-asset markets and activities by July 2023.”

The Indian Ministry of Finance has asked the International Monetary Fund (IMF) and the Financial Stability Board (FSB) to collaborate on a paper on cryptoassets. This paper is intended to provide guidance on how to formulate a coherent crypto policy, which is currently lacking in regulation. The collaboration is a step in the right direction, and hopefully, future policy decisions will be based on a more comprehensive understanding of cryptoassets.