THELOGICALINDIAN - The G20 accounts ministers and axial coffer governors had their aboriginal 2024 affair this weekend in Saudi Arabia They discussed cryptocurrencies and stablecoins and issued a account advancement countries to apparatus the cryptocurrency standards set by the Financial Action Task Force They were additionally abreast that the Financial Stability Board will anon affair its crypto authoritative responses
Also read: Regulatory Roundup – Trump’s Cryptocurrency Proposals, IRS Changes Rule, China Quarantines Cash
G20 Begins Discussing Crypto Regulations
The aboriginal G20 Finance Ministers and Central Bank Governors Meeting took abode in Riyadh, Saudi Arabia, on Feb. 22 and 23. Cryptocurrencies and stablecoins, such as Facebook’s planned activity Libra, were discussed.
In the G20 Communique appear afterwards the additional day of the meeting, the accounts chiefs explained that “global bread-and-butter advance is accepted to aces up abundantly in 2024 and 2024.” However, they added, “We will enhance all-around accident monitoring, including of the contempo beginning of COVID-19 [coronavirus disease],” acquainted that “downside risks to the angle persist.” Regarding cryptocurrencies, their account reads:
In June aftermost year, the G20 leaders met in Osaka, Japan, and declared their commitments to afterward the standards for crypto assets and accompanying account providers set by the FATF. By October, the FATF had already amorphous evaluating how able-bodied countries were implementing their recommendations.
G20 Discusses ‘Global’ Stablecoins
In their Feb. 23 statement, the G20 accounts ministers and axial coffer governors additionally addressed the accountable of stablecoins. They wrote:
The G20 is assured letters on cryptocurrencies and stablecoins from a few all-around standard-setting bodies, including the Financial Stability Board (FSB), the International Monetary Fund (IMF), and the FATF.
The G20 refers to stablecoins with the abeyant to accomplish calibration at barrage as all-around stablecoins, an archetype of which is Facebook’s Libra. In a contempo audition afore the House of Representatives Committee on Financial Services with Federal Reserve Chairman Jerome Powell, it was mentioned that addition article in a position to accomplish agnate calibration is the Chinese government. Powell was accordingly apprenticed to assignment on the agenda dollar to be able to bound acknowledge to the agenda yuan rollout.
Following the leaders’ acme in Japan aftermost year, the G20 issued a columnist absolution in October on all-around stablecoins. Their account reads:
“Such risks, including in accurate those accompanying to money laundering, adulterous finance, and customer and broker protection, charge to be evaluated and appropriately addressed afore these projects can arise operation,” the account concludes. The administrator of the FSB additionally beatific a letter to the G20 accounts chiefs advanced of their October affair apropos stablecoins.
FSB’s Crypto Responses Coming Soon
In their Feb. 23 statement, the G20 accounts chiefs additionally wrote: “We ask the FSB, in allocation with the Committee on Payments and Market Infrastructures (CPMI) and added accordant standard-setting bodies and all-embracing organizations, to advance a roadmap to enhance all-around cross-border acquittal arrange by October 2024.” The FSB comprises regulators, axial bankers and governments from above economies.
Ahead of their affair this weekend, FSB administrator Randal K. Quarles beatific a letter to the G20 accounts ministers and axial coffer governors acclamation the accountable of cryptocurrencies and stablecoins. In his letter, anachronous Feb. 19, Quarles noted: “the all-around banking arrangement is consistently adverse new challenges. Technology is alteration the attributes of acceptable finance; the non-bank area has developed and requires added compassionate and allocation amid the authoritative and authoritative community. Pressures that can advance to bazaar breach exist. Concurrently, important authoritative and authoritative issues crave attention.” He elaborated:
What do you anticipate of the G20’s access to acclimation cryptocurrencies and stablecoins? Let us apperceive in the comments area below.
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Images address of Shutterstock, Christine Lagarde, and the G20 Saudi Arabia.
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