G20 Paves Way for Crypto Rules

As per sources G20 nations agree on global framework for regulation of crypto asset…reports Asian Lite News

Crypto common framework may emerge as one of the major achievements of India’s presidency of G20, which has been agreed upon by the participating nations, official sources have confirmed.

As per sources, “G20 nations agree on global framework for regulation of crypto asset. The International Monetary Fund (IMF) and Financial Stability Board (FSB) have laid down synthesis paper and a comprehensive framework has been developed and further discussion will take place during leaders’ summit.”

“Indian G20 Presidency recommended to have common framework for
resolution of debt vulnerability where it also addressed debt vulnerability of countries like Zambia, Ghana and Ethiopia along with support for Sri Lanka from outside the framework,” the sources added.

As per sources, several working groups have made recommendations on Multilateral Development Banks (MDBs).

“Working groups have made recommendations to address future financing challenges and MDBs are also keen to implement stated recommendations. There has been a consensus to have USD 200 billion fund to meet financing need during course of next 10 years,” the sources said.

Highlighting further, the sources stated that G20 nations have assessed high volatility in food and energy security.

“G20 under India’s presidency has emphasised on greater cooperation stability in food and energy security which is essential for sustainable growth and it will be discussed during leaders’ summit scheduled to be held later this week in the national capital,” sources mentioned.

On international taxation, the sources state that India under the G20 Presidency has recommendeda pillar taxation system oninternational taxation and “significant progress” has been made so far with regard to that aspect.

India is all set to host the G20 Summit scheduled to be held in New Delhi from September 9-10. Notably, India assumed the G20 presidency on December 1 last year and about 200 meetings related to G20 were organized in 60 cities across the country.

The 18th G20 Heads of State and Government Summit in New Delhi will be a culmination of all the G20 processes and meetings held throughout the year among ministers, senior officials, and civil societies.

A G20 Leaders’ Declaration will be adopted at the conclusion of the New Delhi Summit, stating Leaders’ commitment towards the priorities discussed and agreed upon during the respective ministerial and working group meetings. (By Sahil Pandey/ANI)

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