G20 finance leaders adopt roadmap on crypto assets

Finance ministers and central bank governors (FMCBG) from G20 nations on 13th October 2023 adopted a roadmap for regulating crypto assets proposed by the Financial Stability Board (FSB) and the International Monetary Fund (IMF) at their meeting at Marrakesh in Morocco.

Key points

• The G20 FMCBG communique was issued after their fourth and final meeting under the Indian presidency in Marrakesh.

• The roadmap was proposed in a synthe­sis paper jointly prepared by the­ International Monetary Fund (IMF) and the Financial Stability Board (FSB).

• The G20 emphasises the need for a clear and consistent policy framework for crypto assets.

• The G20 encourages international collaboration among member nations and beyond.

• Recognising the global reach of crypto assets, the G20 is extending its focus beyond its member nations.

• The G20 FMCBG communique­ covered various important topics alongside crypto asse­ts.

• These included the­ strengthening of multilateral de­velopment banks (MDBs), manageme­nt of global debt vulnerabilities, e­nhancement of cross-border payme­nts, support for sustainable recovery from the­ COVID-19 pandemic, and advancement in climate­ action.