In a major development, the G20 member countries will decide on a modus operandi for regulating cryptocurrencies. There is a need of a common template for regulation of crypto assets, sources told CNBC-TV18 on Wednesday, September 6.

India wants the G20 nations to understand the macroeconomic implications of cryptocurrencies and seeks a G20 consensus on common crypto norms.

This comes as the Financial Stability Board (FSB) and the International Monetary Fund (IMF) circulated a synthesis paper on regulating crypto assets among the G20 member countries.

The synthesis paper is expected to provide additional clarity regarding the comprehensive plan for countries interested in integrating virtual digital assets into their digital financial systems.

A proposal by the IMF and FSB on cryptocurrencies will be discussed at the G20 leaders’ summit this weekend, according to a Reuters report.

A paper on cryptocurrencies by the IMF and FSB has been submitted to participating countries, the report said, adding that India has also prepared a presidential note, that will include the summary of the report.

The G20 has tasked the FSB with coordinating the creation of an effective regulatory, supervisory, and oversight framework for crypto assets. This framework incorporates lessons learned from recent developments in the crypto asset markets and feedback collected during the FSB's public consultation process.

(Edited by : Shoma Bhattacharjee)

First Published:Sept 6, 2023 6:55 PM IST