The G20 finance ministers and central bank governors (FMCBG) have adopted the roadmap on crypto assets proposed in the synthesis paper by the International Monetary Fund (IMF) and Financial Stability Board (FSB). After the final meeting of the FMCBG under India’s presidency at Marrakesh, a joint communique was issued which called for the swift and coordinated implementation of the policy frameworks, outreach beyond G20 jurisdictions, global coordination, cooperation, and information sharing, and addressing data gaps.
The communique also stated that the IMF and FSB should provide regular and structured updates on the progress of the implementation of the G20 Roadmap on Crypto Assets. Furthermore, it supported the ongoing work and global implementation of Financial Action Task Force (FATF) standards on crypto-assets.
The G20 finance ministers explained that the roadmap is essential to achieve the common goals of macro-economic and financial stability, and to ensure effective, flexible, and coordinated implementation of the comprehensive policy framework for crypto assets.
Finance Minister Nirmala Sitharaman said the roadmap on crypto assets is the big step forward that came from the FMCBG discussion. The G20 has asked the global forum (Organisation for Economic Co-operation and Development) to identify an appropriate and coordinated timeline to commence exchanges by relevant jurisdictions under the Crypto Asset Reporting Framework (CARF) by 2027.
Sitharaman added that the G20 discussions on crypto will come in three silos: monitoring the progress itself, cross-border related and information-sharing related activities, and looking beyond the G20 jurisdiction and beyond FSB membership.
The IMF-FSB synthesis paper proposed that crypto assets should not be granted official currency or legal tender status, while also arguing against a blanket ban on activities linked to crypto assets. It also recommended that central banks avoid holding crypto assets in their official reserves, and that countries should safeguard their monetary sovereignty by clarifying the legal status of crypto assets and having an unambiguous tax treatment of crypto assets. In addition, it noted that emerging markets and developing economies may face amplified macro-financial risks from crypto assets.
