Leading economic officials pushed for greater global coordination of crypto regulations during a recent roundtable discussion held during a G20 meeting.
International Monetary Fund Managing Director Kristalina Georgieva opposed the idea of an outright ban, likening crypto to water: “You try to plug it from one side, it will find some hole and come out.”
At the same meeting, key U.S. Treasury official Jay Shambaugh said drafting global crypto rules wouldn’t normalize the sector’s disasters, much like how mandating seat belts didn’t normalize car crashes. The roundtable, which was hosted by India as the current G20 president, was conducted under Chatham House rules and thus closed to the media.
An individual present for the discussion shared details with CoinDesk, saying the metaphors shared were public knowledge and a robust discussion about global crypto rules could benefit from learning about these viewpoints.
Both Shambaugh’s and Georgieva’s office did not immediately respond to CoinDesk’s request for comment.
The comments contributed to a sentiment that stalled one part of India’s plans – putting forward its own presidency note on crypto.
The note was intended to reflect a roadmap for crypto regulations and show an appreciation of India’s role in shaping it, two people familiar with the matter told CoinDesk. Local reports confirmed India’s intent, but other G20 members pushed back, asking for changes. They said that given India is currently the G20 president, it represents the collective voice of the G20, and thus anything it puts out should be after consultations with members.
India published the note on August 1, almost two weeks after additional discussions around its contents. The note assumes significance as it’s an official document that voices India’s recommendations for global coordination around crypto regulation.
Synthesis paper
In its presidency note, India announced that an anticipated “synthesis paper,” which will be jointly produced by the IMF and the Financial Stability Board (FSB), is expected by the end of August.
The paper will focus on the global macro implications for crypto, and is expected to include the recommendations from India’s presidency note, as…
Click Here to Read the Full Original Article at Cryptocurrencies Feed…
