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G20 FMCBGs adopt roadmap on regulating crypto assets

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New Delhi/Marrakech: The G20 Finance Ministers and Central Bank Governors (FMCBGs) under the Indian Presidency adopted the G20 roadmap for crypto currencies on Friday, aimed at developing mitigating strategies and regulations on crypto assets.

The communiqué adopted by FMCBGs after its fourth and final meeting in Marrakech, Morocco, on the sidelines of the International Monetary Fund (IMF)-World Bank Annual Meetings said that the roadmap for cryptos is essential to achieving the common goals of macro-economic and financial stability.

The communique said that the roadmap is also essential to ensure effective, flexible, and coordinated implementation of the comprehensive policy framework for crypto assets.

“We call for swift and coordinated implementation of the G20 Roadmap, including implementation of policy frameworks; outreach beyond G20 jurisdictions; global coordination, cooperation, and information sharing; and addressing data gaps,” the communique said.

“We ask the IMF and FSB (Financial Stability Board) to provide regular and structured updates on the progress of the implementation of the G20 Roadmap on Crypto Assets. We support the ongoing work and global implementation of FATF (Financial Action Task Force) standards on crypto assets,” it said.

The G20 FMCBGs unanimously adopted the G20 communique. Union Finance Minister Nirmala Sitharaman and Reserve Bank of India (RBI) Governor Shaktikanta Das co-chaired the first session of the fourth and final meeting of the G20 FMCBG under the Indian Presidency in Marrakech today.

The FMCBG communiqué re-emphasized the importance of addressing debt vulnerabilities in low- and middle-income countries in an effective, comprehensive, and systematic manner.

It was noted that transformative changes are required in the vision, operating models, and financing capacities of multilateral development banks (MDBs).

“We encourage MDBs to enhance private capital mobilization through supporting enabling conditions, innovative risk-sharing instruments, and new partnerships to maximize their development impact. This, along with the implementation of all appropriate CAF (Capital Adequacy Frameworks) recommendations, would maximize the leverage effect of potential capital increases.

Concerning the war in Ukraine, the communique underscored that all states must act in a manner consistent with the Purposes and Principles of the UN Charter in its entirety.

“In line with the UN Charter, all states must refrain from the threat or use of force to seek territorial acquisition against the territorial integrity, sovereignty, or political independence of any state. The use or threat of use of nuclear weapons is inadmissible,” it said.

The G20 FMCBG communique called on all states to uphold the principles of international law, including territorial integrity and sovereignty, international humanitarian law, and the multilateral system that safeguards peace and stability.

“The peaceful resolution of conflicts and efforts to address crisis as well as diplomacy and dialogue are critical,” it said.

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