RBI’s Request to Include “Ban” in Reports Denied by FSB & IMF

• RBI’s written request from the FSB and IMF was to include the ban.
• Ban has not been favored in any of the G20 crypto roundtable discussions.

G20, an intergovernmental forum supported by the FSB and IMF under the Indian Presidency, set to introduce the first global crypto regulations ahead of the next summit in September. This announcement comes after the G20 revealed global rules for crypto firms with no options. Adding to that, the RBI wants to include a ban on the reports, which is denied by the FSB and IMF.

During the roundtable conference at the recent G20 meeting, the leading economic officials pushed for greater global coordination for crypto regulations. Moreover, the International Monetary Fund Managing Director, Kristalina Georgieva, has taken a stand against the outright ban on crypto.

The G20 is a premier forum for international economic cooperation. Moreover, it plays a crucial role in shaping and enhancing global architecture and governance on all major international economic issues. 

India Unveils the Synthesis Paper

According to the presidency’s note, India announced the anticipated synthesis paper, which will jointly produced by the IMF and Financial Stability Board (FSB). The paper will focus on global macro implications for crypto, as expected at the end of August.

It brings up one major question in India whether welcoming the FBI recommendations could mean legitimizing crypto and ruling out a ban. The finance ministry has not made its position public on whether it needs to ban crypto or not. According to the report, one of the RBI’s written requests from the FSB and IMF was to include the ban in the upcoming reports, including the synthesis paper.

However, given the role in framing global crypto rules as part of the G20 presidency, it’s unlikely to choose a path for banning crypto. And also, one of the people stated that there is no global acceptance of a ban. Moreover, the ban has not favored in any of the G20 crypto roundtable discussions.