Senior G-20 Official Talks About Cryptocurrencies!

A high-ranking G-20 source said in a statement. cryptocurrency He said that the recent collapses of its banks have actually highlighted the importance of the G-20’s vigilance over crypto assets.

G-20 Official Says Recent Crashes Justify Officials’ Reluctance About Cryptocurrencies

“The recent bank crashes have not changed, increased, or accelerated the G-20’s approach to shaping global crypto regulation, they just underlined our hesitations,” the source said.

India is currently the chairman of the G-20 and thus has the power to set the agenda. It holds the mandate to ask international organizations tasked with setting global crypto rules to account for recent bank crashes.

“The G-20 does not need to ask the IMF and the Financial Stability Board (FSB) to account for recent crypto bank collapses because such instabilities are already taken into account,” the source said, adding that agenda setters are watching developments closely.

G-20, Financial Stability Board (FSB) and IMF bitcoin and to create a global framework for cryptocurrencies in the form of a joint synthesis document.

In February, the IMF presented a report on the “Macrofinancial Effects of Crypto Assets” specifically to the G-20. The report, made public on Monday, revealed that the IMF had warned the G-20 that the proliferation of crypto assets could lead to banks losing deposits and reducing lending.

“This shows how quickly a bank or venture capital firm exposed to extreme risk of any kind can collapse and how prone they are to bank runs,” the source said.

*Not investment advice.