FSB and IMF Call for Global Framework to Regulate Cryptocurrencies
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Sept. 6, 2023

The Financial Stability Board (FSB) and the International Monetary Fund (IMF) plan to publish a paper calling for global coordination to create a regulatory framework for digital assets.

The paper will reportedly be presented at the G20 summit this weekend. It includes a roadmap for removing political constraints to regulate the cryptocurrency market, including global cooperation and information sharing.

India, which chairs the G20 council until December, has insisted on the creation of the document.

Klaas Knot, chairman of the FSB, has stated:

"The risks of crypto-assets are not confined to financial stability, but can also include macroeconomic risks relating to monetary sovereignty, capital flow volatility and fiscal policy."

The paper will highlight the amplification of macro-financial risks that emerging markets and developed economies could face, which could raise the need for specific measures.

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