The Financial Stability Board (FSB) and the International Monetary Fund (IMF) are poised to release a joint paper urging global coordination on cryptocurrency policy at the upcoming G20 summit. FSB Chair Klaas Knot announced this in a letter on Tuesday.
This collaborative paper, which is being presented at the G20 Summit, outlines a roadmap for implementing policy frameworks for cryptocurrencies, emphasizing the importance of global coordination, cooperation, and information sharing.
India, the current G20 presidency holder until December, requested the paper in response to the need for a comprehensive policy approach to address the risks associated with cryptocurrencies. Recent events, such as the collapse of the crypto exchange FTX and the failure of the terraUSD stablecoin, have underscored the vulnerabilities in the crypto space. Given the growing interconnections between cryptocurrencies and the broader financial system, these risks require careful monitoring.
The paper will emphasize the heightened macrofinancial risks that emerging markets and developed economies may face, potentially necessitating targeted measures. G20 nations have been advocating for global collaboration in the paper, with India pushing for a focus on macrofinancial implications and risks specific to emerging markets and developing economies.
In July, the FSB called for the establishment of a global framework for cryptocurrencies, and officials have indicated that these rules do not necessarily need to be entirely new.
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