For the first time since taking over the G-20 presidency, India has officially revealed details of the ongoing work around how to regulate crypto.
The IMF is working on a paper in consultation with India that will focus on “aspects of the monetary policy and the policy approach to crypto assets,” said Ajay Seth, secretary, Department of Economic Affairs.
Seth also revealed the IMF had led a meeting with representatives of developing economies about the paper in January. The details confirmed CoinDesk’s earlier reporting around the IMF’s role in the G-20’s crypto-related discussions.
“There’s going to be a 135-minute seminar on crypto assets on the policy response (during a G-20 meeting later this month) and for that again the IMF is preparing the finalized paper that will form the base,” he added.
Read more: IMF Wants Global Regulatory Policy To Tackle Crypto
India assumed the presidency of the Group of 20 – the intergovernmental forum of the world’s 20 largest economies including the European Union as a bloc – on Dec. 1, giving it the responsibility of shaping the group’s agenda. On the eve of taking over the presidency, India’s Finance Minister Nirmala Sitharaman had said regulating crypto assets will be a priority.
Sitharaman reiterated this on Friday, saying, “We are also looking at a global SOP (Standard Operating Procedure) to be available to be agreed upon for regulating crypto assets” for the meeting later this month that will see G-20 Finance Ministers and Central Bank Governors come together.
“Whilst recognizing the central bank as the authority for issuing crypto currency, the rest of the assets which are being created outside which are using very useful financial technologies, even those will have to be discussed because regulation cannot be done by any one country singularly, it has to be a collective action because technology doesn’t group any borders,” Sitharaman added.