Hi hivers,
The latest G20 summit was held in New Delhi, India for year 2023. Though India is a little more cautious on cryptocurrencies, during the recent time we have got little cues that India may be planning on a proposal to go forward on regulating or allowing crypto trading.
During this G20 meet in New Delhi, being the host country India had this opportunity to bring this topic on table and get the global leaders discuss it. The good news that has came out in favor of crypto economy out of this summit is that the leaders of G20 economies have endorsed FSB's recommendations for regulation of crypto currencies and markets. This should be seen as a significant step forward.
What is FSB ?
FSB is Financial Stability Board which is an international body to monitor and give recommendations for global financial system. FSB was established after 2008 global financial crisis to help prevent such financial breakdowns in future. FSB works closely with G20 group major economies.
G20 groups endorsement of FSB's recommendations on crypto currencies should have major impact on crypto economy. This might also initiate development of international standards for regulations on crypto economy across the world. Different countries may have their own way of its implementations.
What those regulations would be and how it will be implemented is yet to unfold in near future, but having major economies discuss crypto on a global stage and agreeing on FSB's involvement and recommendations is a remarkably positive step forward. This will surely give people confidence in cryptos and moreover having regulations and supervision through an international body should protect the rights of its users.
Cryptos being the highly volatile and vulnerable need global regulations and supervision. This will enable its entry to new market places and more use cases. Market protection should be a major concern regarding crypto economy. Whatever the future holds the current move indicates a brighter future for crypto market and its users.
Thanks for reading all through it.
Keep reading,