According to insider sources, India’s G20 Presidency will present a crucial guidance note on cryptocurrencies that will serve as a significant input for the upcoming discussions preceding the G20 Leaders’ Summit. These discussions will primarily focus on the synthesis paper jointly prepared by the International Monetary Fund (IMF) and the Financial Stability Board (FSB) based in Switzerland. The objective of the synthesis paper is to consolidate the macroeconomic and regulatory perspectives on crypto-assets, aiming to facilitate the formulation of effective policies.
The IMF-FSB synthesis paper is expected to be submitted before the commencement of the Leaders’ Summit. Meanwhile, India’s guidance note will provide a comprehensive summary of the efforts undertaken by various countries and organizations, including the IMF, FSB, and Bank for International Settlements.
Insiders indicate that India is hopeful of achieving significant outcomes related to cryptocurrency at the upcoming G20 Leaders’ Summit, scheduled for September 9-10 in New Delhi. These outcomes may involve recognition and appreciation of the work carried out during India’s Presidency, and potentially the establishment of a roadmap agreed upon by all G20 member nations.
An anonymous source, speaking on July 16, stated, “If that roadmap is helpful, it can be carried forward to the next Presidency and it can be decided what is to be done: regulate or have a template. If there is a template, who does what, the implementation and legislative requirements, etc.”
These comments precede the third meeting of G20 finance ministers and central bank governors, commencing on July 17 in Gandhinagar, where cryptocurrency is expected to be a key focal point of discussion.
India has actively engaged in crypto-related deliberations and has been committed to establishing an international consensus on regulatory frameworks. The country asserts that, given the global scale, scope, and challenges associated with cryptocurrencies, effective regulations can only be formulated through global collaboration. During the second meeting of G20 finance ministers and central bank governors in Bengaluru, Shaktikanta Das, the Governor of the Reserve Bank of India (RBI), highlighted that some G20 members advocated for a complete ban on cryptocurrencies. Subsequent discussions on the matter have taken place in various forums, including the IMF-World Bank Spring Meetings held in Washington DC in April of this year.
