ChainCatcher news, Indian Finance Minister Nirmala Sitharaman emphasized during an interview with Businessline on Monday that there is a need for global consensus on cryptocurrency regulation. Sitharaman highlighted the importance of international cooperation, especially within the G20, to address the challenges of cryptocurrency regulation.Sitharaman explained, "Even before the G20 summit and since 2020, we have been discussing this issue in the Ministry of Finance." She added that the Reserve Bank of India (RBI) also has its own views on the matter. Sitharaman emphasized, "We are very clear that there should be a global consensus on how to regulate cryptocurrencies."Last week, the Securities and Exchange Board of India (SEBI) provided recommendations on cryptocurrency asset regulation to a government panel, advocating for different regulatory bodies to oversee various aspects of cryptocurrency trading. Meanwhile, the Reserve Bank of India also submitted its views on cryptocurrencies, expressing concerns and highlighting macroeconomic risks associated with cryptocurrencies, as well as issues related to tax evasion and fiscal stability.

ChainCatcher news, according to official information, Gitcoin's funding round GG20 for Open Source Software is expected to open for applications on April 2.It is reported that GG20 will operate on version 2 of the community resource allocation protocol Allo.

ChainCatcher news, G20 finance ministers and central bank governors issued a joint communiqué in Marrakech, Morocco, announcing their unanimous approval of a comprehensive roadmap for regulating crypto assets, aimed at enhancing global financial stability and ensuring effective management of cryptocurrencies within the international economic framework.The agreed-upon crypto asset roadmap is based on a comprehensive document released last month in Delhi, which serves as the current officially recognized "blueprint" for the G20 crypto asset roadmap. This roadmap includes a policy framework, outreach initiatives beyond the G20 jurisdiction, global coordination, cooperation, fundamental information sharing, and addressing existing data gaps in the crypto market. G20 leaders also emphasized the necessity of clear tax treatment for crypto assets.

ChainCatcher news, Coinbase stated that it will promote the establishment of global cryptocurrency uniform rules at the G20 meeting in Brazil. Coinbase Vice President Nana Murugesan expressed the hope to collaborate with the Ministry of Finance, the central bank, and regulatory agencies to promote "shared principles among countries."Murugesan stated, "You will see Coinbase active in these 24 countries, and our goal is to reach some consensus and some guiding principles on regulatory issues related to Web3."

ChainCatcher news, G20 member country leaders expressed support on Saturday for the recommendations of the Financial Stability Board (FSB) and the International Monetary Fund (IMF) regarding the regulation and oversight of crypto asset activities and markets, as well as global stablecoins.The G20 will continue to closely monitor the rapidly evolving risks of the crypto asset ecosystem. The G20 finance ministers and central bank governors will discuss advancing the proposed roadmap by the FSB and IMF at their meeting in October 2023. The next G20 finance ministers and central bank governors meeting is scheduled to be held in Marrakech, Morocco.The G20 leaders' summit declaration stated, "We warmly welcome the comprehensive document submitted by the IMF-FSB (which includes the roadmap), which will support a coordinated and comprehensive policy and regulatory framework, while taking into account the pervasive risks as well as the risks unique to emerging markets and developing economies (EMDE), and the FATF standards being implemented globally to address money laundering and terrorist financing risks."G20 leaders acknowledged the work plans of the FSB and standard-setting bodies (SSBs) on crypto assets, as well as the report from the Bank for International Settlements (BIS) on key elements and risks of the crypto ecosystem.G20 leaders also called for the swift implementation of the Crypto Asset Reporting Framework (CARF) and the amendments to the Common Reporting Standard (CRS).

ChainCatcher news, according to CoinDesk, the International Monetary Fund (IMF) and the Financial Stability Board (FSB) released a joint policy roadmap on Thursday, stating that merely banning cryptocurrencies will not eliminate their risks. The joint document from the IMF and FSB will be submitted to the G20 this weekend.The report states that to address the macroeconomic risks posed by cryptocurrencies, jurisdictions should "strengthen monetary policy frameworks, guard against excessive volatility in capital flows, and provide clear tax treatment for cryptocurrencies." The report reiterates the IMF's position that a comprehensive ban on cryptocurrencies may not help mitigate the associated risks, and targeted restrictions may be particularly suitable for emerging economies.The report notes that implementing a comprehensive ban in one jurisdiction, deeming all cryptocurrency activities (including trading and mining) illegal, is not only costly and technically challenging but may also "lead to activities shifting to other jurisdictions, thereby creating spillover risks."The report emphasizes that restrictive measures should not replace strong macroeconomic policies, credible institutional frameworks, and comprehensive regulation and supervision, which are the first line of defense against the macroeconomic and financial risks posed by crypto assets; however, this does not mean that all bans should be ruled out. During times of stress or when countries find better internal solutions, jurisdictions may consider targeted temporary restrictions to manage certain risk factors.In response to G20 countries' concerns about the spread of stablecoins, the IMF/FSB roadmap proposes solutions. The report states that if stablecoins denominated in foreign currencies are easier and cheaper to access than foreign currency bank accounts, rapid capital outflows or reversals may occur. While stablecoins can facilitate widespread transactions, they may pose risks in maintaining stable value and rely on private issuers. Global stablecoins adopted by multiple jurisdictions "may transmit volatility more abruptly than other crypto assets and could pose significant risks to financial stability."

ChainCatcher news, according to Cointelegraph, Indian Prime Minister Modi called for global cooperation to establish cryptocurrency regulations during the G20 summit. As the G20 chair country, India is willing to take on the task of advocating for a comprehensive global cryptocurrency regulatory framework. It is understood that India has long advocated for the establishment of a global cryptocurrency framework; however, domestically, the cryptocurrency regulatory environment still lacks transparency and is subject to high taxes. The country imposed a 30% tax on cryptocurrency gains in 2022.

ChainCatcher news, the current G20 presidency held by India has released a chair statement on cryptocurrencies, attempting to incorporate India's suggestions into the framework of global cryptocurrency regulations. The statement calls for a comprehensive document that includes action points, such as the effective implementation of recommendations from the Financial Stability Board and all other standard-setting bodies.Additionally, the statement requests consideration of the unique macro-financial impacts and risks faced by emerging markets and developing economies. Other action points include outreach to all jurisdictions to raise risk awareness, starting from regions with higher adoption rates of crypto assets, involving non-G20 members, and assigning the responsibility for coordinating global cryptocurrency regulatory work to the International Monetary Fund and the Financial Stability Board.

ChainCatcher news, according to CoinDesk, there are differences in stablecoin regulation between the G7 and G20. The developed economies that make up the G7 seem more willing to allow and regulate stablecoins, while the emerging economies represented by the G20 are calling for stricter restrictions, even a ban. Both have committed to implementing the FATF's anti-money laundering rules for cryptocurrencies.Two senior officials participating in the forum discussions stated that the differences between the two institutions could hinder the acceptance of global standards for stablecoins, or at least potentially undermine the unified regulation envisioned by global financial regulatory bodies. (Source link)

ChainCatcher news, according to the Indian Express, the G20 Finance Ministers and Central Bank Governors Meeting (FMCBG) will be held in Bangalore from February 22 to 25, during which discussions will focus on crypto assets and the necessary steps for regulating them. Ajay Seth, Secretary of the Department of Economic Affairs in the Ministry of Finance, stated at a media briefing that the discussion on crypto assets is one of three workshops planned during the FMCBG meeting.Ajay Seth mentioned that the discussions during the workshop will help reach a consensus on crypto assets. He added that work on the regulation of cryptocurrencies and other assets is ongoing with the assistance of various international organizations. (Source link)

ChainCatcher news, according to CoinDesk, India's Economic Affairs Secretary Ajay Seth stated that the International Monetary Fund (IMF) is working with India to draft a document that will focus on "various aspects of monetary policy and the policy approach to crypto assets." Ajay Seth also mentioned that there will be a 135-minute workshop on cryptocurrency assets during the G20 meeting later this month, for which the IMF is preparing a document that will serve as a foundation. Ajay Seth noted that the plan is to transition the document drafted by the IMF from the G20 consensus to the Financial Stability Board's crypto assets working group, and he hopes that all countries will accept the policy. (source link)

ChainCatcher News, the official website of the White House recently released the "G20 Bali Leaders' Declaration," in which U.S. President Biden and G20 leaders stated, "It is essential to build public risk awareness, strengthen regulatory outcomes, and support a fair competitive environment while harnessing the benefits of innovation. We welcome the FSB's approach to establishing a comprehensive international framework for the regulation of crypto asset activities based on the principle of 'same activity, same risk, same regulation,' and we hope to ensure that the crypto asset ecosystem (including various stablecoins) is closely monitored to mitigate potential risks to financial stability." (Source link)

ChainCatcher news, according to Cointelegraph, Indian Finance Minister Nirmala Sitharaman recently stated that India is "rapidly advancing" digital financial technology as it prepares to assume the G20 presidency, and "regulation of crypto assets could be one of the 8 priorities for India's leadership of the G20, but it requires support from other members."In December this year, India will take over the G20 presidency after Indonesia. Sitharaman pointed out that India needs to collaborate with organizations including the International Monetary Fund, the Financial Stability Board, and the Organisation for Economic Co-operation and Development to ensure that crypto can be regulated in a way that involves all countries, stating that "no country can successfully regulate crypto assets in isolation." (cointelegraph)

ChainCatcher news, according to Cointelegraph, India plans to establish standard operating procedures (SOP) for cryptocurrencies during its G20 presidency from December 1, 2022, to November 30, 2023, aimed at effectively managing or regulating cryptocurrencies in collaboration with various countries.It is reported that on October 7, the Reserve Bank of India released a proposed list of features and rationale for its developing central bank digital currency (CBDC), summarizing the main motivations for issuing the digital rupee, including trust, security, liquidity, settlement finality, and integrity. The goal of India's digital currency is to reduce operational costs and improve financial inclusion. (Cointelegraph)