India hosted the first G20 Finance and Central Bank Deputies meeting under Indian presidency, in Bengaluru in Southern India. Deputies from G20 member countries including 160 foregin delegates and International Organisations were present in the meeting. In this meeting, the member countries revealed a plan on cryptocurrency regulations. The Group of Twenty nations decided to implement a new policy on digital assets.
G20 is a unique intergovernmental forum comprising 19 countries and the European Union.
Together the G20 members represent more than 80% of the world’s total GDP, 75% of international trade and 60% of the world’s population. It is a unique global institution, where developed and developing countries have equal say.
The FTX breakdown has created an atmosphere of doubt and fear among crypto investors and users. The crypto market was filled with uncertainty which is reflecting in crypto asset prices. Investors are afraid to make a move on cryptocurrency after facing huge losses in the recent FTX collapse. To avoid this situation in the future, G20 nations have decided to introduce regulations on crypto assets.
Cryptocurrency Regulations Around The World
United States
The head of the United States is developing crypto regulations in the United States. Recently, the US president directed lawmakers to draft legislation to regulate digital assets in the country.
At first, Biden was not interested in cryptocurrency, but later he signed a document stating that the crypto industry was growing and would need regulations to establish the country as a leader in the digital asset sector. The main regulators in the US that might be involved in the design and enforcement of regulations are the Securities and Exchange Commission (SEC) and Commodity Futures Trading Commission (CFTC)
The US Treasury Secretary, Janet Yellen, officially stated that the country needs rigid regulations for the crypto industry. Lawmakers have seconded Yellen’s statement; many believe…
