All in all, according to the G20, it is time for global rules on cryptocurrencies. In a press conference, India’s finance minister, Nirmala Sitharaman, said the aim is to publish the rules in September.
Initially, the FSB will publish its own paper in July. This is then used to develop a synthesis between the work of the FSB and the IMF. The result should be ready in September. After that we will know a lot more about the future of the industry.
Watch out
That it can sometimes be a difficult story for the industry, is evident from the views of some members of the G20. What about the governor of Canada’s central bank, for example. It says that the industry should not get the “stamp of approval” without a well thought-out framework of rules in place.
Shaktikanta Das, the governor of India’s central bank, says there was a significant shift in sentiment on crypto. Where it was a lot more positive last year, that has now changed somewhat due to Terra and FTX. It is now clear to world leaders what risks exist within the crypto world.