FSB, BIS, And IMF Plans To Set Global Crypto Framework: G20

February 27, 2023

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The global financial institutions such as Financial Stability Board (FSB), Bank for International Settlements (BIS) and International Monetary Fund (IMF) plans to deliver recommendations and papers for establishing the standards for crypto regulatory framework globally. This has been announced by G20, the group of 20 biggest economies of the world.

Reportedly, FSB will release the document summarizing the outcomes of the meetings by July. This paper would throw light on the regulation, supervision and oversight of the global stablecoins, crypto assets and their markets.

Furthermore, the next guidance on the same is expected in September when FSB and IMF would jointly provide a synthetic paper for integrating the macroeconomic and regulatory perspective of crypto assets. Alongside, the IMF is also expected to report their  paper on the potential macro-financial implications for the widespread adoption of CBDCs. CBDC stands for Central Bank Digital Currencies. The BIS will also provide a report on analytical and conceptual issues along with the possible risk and mitigation strategies relating to crypto assets.

As reported by CoinTelegraph, during the first financial meeting under India’s presidency , the financial institutional group addressed the key financial stability and regulatory practices for digital assets. During the event , United States Treasury Secretary emphasized on putting in place  a strong regulatory framework for crypto – related activities rather than banning crypto activities.

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