Delhi hopeful of template to regulate crypto

Tribune News Service

New Delhi, September 7

Will the G20 summit finalise a common template for regulating cryptocurrency after deliberations that have spanned five years? It was at Buenos Aires in 2018 that G20 leaders resolved to regulate crypto to counter laundering and terror-funding.

The delegations and sherpas are currently mulling over two documents that will form the bedrock of cryptocurrency regulations. The first is a joint synthesis paper prepared by the IMF and Financial Services Board and the second a Presidential note by India.

Besides identifying and monitoring emerging financial stability risks, there are also issues relating to consumer and investor protection, illicit activity, money laundering and terror funding. India has taken the stand that cryptocurrency is borderless and requires global collaboration for regulation.

India is also hoping for the G20 presidency to achieve consensus on a common framework on debt vulnerability issues with 75 per cent of nations facing debt repayment issues of various severities. G20 members are currently weighing suggestions from subgroups to implement the proposed recommendations, including a $200 billion fund for financing over the next decade.

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