The calls for making a global Framework for cryptocurrencies have been for a long amount of time and that is been addressed in the upcoming meetings that have been conducted as well as the ones which are going to be conducted in the G20 meetings in the finance sector which are going to be headed by India which is the presidency holder of these G20 meetings, as well as all the finance ministers of various G20 countries as well as the Reserve Bank ministers, are always going to be present in these meetings which makes it a very significant when in terms of economy and everything related to finance and cryptocurrency been discussed in it is a big move.
Yesterday I talked about how there has been a recommendation or a set of recommendations that were given by FSB which is the Financial Stability Board which makes sure that every economic activity that goes on all around the world is being taken care of and is being watched and made sure that they are being conducted the way they are meant to be.
Recommendations that they put forward have been kind of welcomed by the G20 countries and also had some brief discussions about the Global stable coin aspect that they did suggest as less of a call on maintaining every global cryptocurrency transaction or activity that has been happening. All of this was just have been talked about in a Press Conference that was held during the G20 meetings but there are a lot of official G20 meetings that are yet to be done which are going to be having brief and very precise discussions about all of the recommendations that FSB made for Crypto and the framework.
Basically on Monday, the international trendsetter FSB has now asked for duffer rules to be putting place for all the crypt activities as well as the cryptocurrency Asset which are going to be kept differently than the ones which are of the people who are using those platforms to just refrain from any kind of conflict of interest as many allegations have been made because of this kind of bad behavior kind of stuff which have been happening all the round the trip to currency environment from the last few months as we asking this kind of activities that it causes quite a big upstir as well and made sure that a lot of people do lose their funds at the end of the day which is something that FSB is working very hard on making that thing completely extinct.
Stablecoin regulation is one the most talked about points about the recommendations that have been made by FSB because it is going to be the key aspect of the entire Framework as upon this table coin everything will be based because it will be the medium of transaction across the borders across different economies even between the G7 countries as well as the G20 countries because it is going to be operating on a global level and that stable coin is going to be the key to all of these market all at one and because of which it has in men's important and their food it is be in the center of attraction of many questions and many queries at this point of time and there is a lot of uncertainty about it and revolving around itself that who is going to be the one who is going to be regulating it or minting it or even it in their banks as Central Bank does of any country.
In addition to all of these recommendations that have been made by FSB the G20 countries are kind of bound to make some addition from their side to the already recommended points because there are a lot of things like IMF is also going to be involved when finance is being talked about so these recommendations are going to be aligned with the ones which IMF also proposes as well as the G20 countries are going to agree upon. All of which is going to have implications on the entire Global aspects of cryptocurrency that are going to be taking place.
The paper of the FSB as well as the International Monetary Fund or the IMF will be presented in September when the meeting will be taking place about this aspect when the final G20 meeting on crypto within India's presidency will be finalized and talked about all of this and the position on cryptocurrency which is held by the G20 countries is going to be completely finalize and declared as well.
One more very interesting takeaway from that press conference is from the governor of the Central Bank of India who said that they have been closely monitoring all of the developments that have been happening in the Crypto ecosystem and as far as their policy is concerned they always kept banning cryptocurrency alongside regulation because it reflects huge risks that are involved in cryptocurrencies. This also gives kind of a hint about what is the stance of the authorities who are working in the Indian counterpart because they do hold a very significant voice in this G20 meeting because they are the presidency holders right now.
What is the same time the Governor also said that they are emphasizing implementing CBDCs as it is going to be an access of providing a smoother way of transacting across borders because it will eliminate a lot of things and ensure the transactions across borders and those payments are being made with the digital versions as far as what crypto is concerned and is doing well which is one of the ways how cryptocurrency can be implemented with their systems.
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