The Group of Twenty (G20) welcomed the high-level recommendations of the Financial Stability Board (FSB) on crypto asset activities and global stablecoin arrangements, said Indian Finance Minister nsitharaman on Tuesday. By amitoj
on safeguarding crypto clients’ assets and avoiding conflicts of interest, after multiple allegations of bad behavior emerged during crypto’s recent turbulent year. The recommendations follow a consultation in which traditional finance companies pushed for stronger crypto controls, while the likes ofStablecoin regulation is a sticking point between the Group of Seven and the G20,, but Sitharaman said the G20 welcomes the FSB's recommendations for oversight over stablecoins.
India's presidency note on crypto was also presented in discussions that stretched late into Monday night, said Sitharaman. It isn't clear what the note said precisely buthave said the note was expected to summarize the work that has been done by various countries and institutions. , which includes crypto bans as a policy option alongside regulation, reflects “huge risks” in crypto, something “we have been saying” for years.
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