Biden

Bitcoin

Read

Elon Musk

<ol> 
 <li>The G20 summit recently concluded in India with a declaration that addresses various global issues.</li> 
 <li>The declaration highlights support and regulation for crypto assets and CBDCs.</li> 
 <li>The FSB and IMF presented a report to the G20 citing importance of regulating the crypto industry.</li> 
</ol> 
The G20 summit held in New Delhi concluded with the release of a comprehensive 37-page declaration, addressing various global issues. One of the key highlights of the declaration was the section dedicated to the policy and regulation of crypto assets and central bank digital currency (CBDC).&nbsp; 
With India holding the G20 Presidency this year, this landmark declaration signifies a significant step toward the regulation of the burgeoning cryptocurrency market. 
The declaration, which involved leaders from around the world, including US President Joe Biden, emphasized the need to closely monitor the rapid developments in the crypto asset ecosystem. It voiced support for the Financial Stability Board’s (FSB) high-level recommendations regarding the regulation, supervision, and oversight of crypto asset activities and markets, as well as global stablecoin arrangements. Notably, the FSB had finalized these recommendations in July. 
Under these new regulations, starting from 2027, bitcoin and cryptocurrency exchanges, as well as related companies, will be obligated to share transaction information across international borders. This move is aimed at enhancing transparency and mitigating potential risks associated with crypto assets. 
Earlier in the week, the FSB and the International Monetary Fund (IMF) jointly presented a report to the G20, highlighting the importance of international cooperation and information sharing in the realm of cryptocurrencies.&nbsp; 
The report cautioned against a blanket ban on Bitcoin and other crypto assets, citing the complexity and costs associated with enforcement. However, it also recommended that cryptocurrencies should not be granted official currency or legal tender status, and central banks should refrain from holding them. 
The G20’s commitment to regulating crypto assets reflects a growing global awareness of the need for coordinated efforts to address the challenges and opportunities presented by the crypto revolution. As the crypto market continues to evolve, these regulations are poised to play a pivotal role in shaping its future. 
<h4 class="wp-block-heading" id="h-read-also">Read Also :</h4> 
<ul class="wp-block-yoast-seo-related-links"> 
 <li><a href="https://cryptonewsland.com/dragonfly-fintech-wins-g20-techsprint-cbdc-challenge/" rel="noopener noreferrer nofollow">Dragonfly Fintech Wins G20 TechSprint CBDC Challenge</a></li> 
 <li><a href="https://cryptonewsland.com/elon-musk-may-visit-dubai-as-speaker-for-blockchain-summit/" rel="noopener noreferrer nofollow">Elon Musk May Visit Dubai as Speaker for Blockchain Summit</a></li> 
 <li><a href="https://cryptonewsland.com/joe-biden-calls-for-crypto-regulation-amid-ftx-collapse/" rel="noopener noreferrer nofollow">Joe Biden Calls for Crypto Regulation Amid FTX Collapse</a></li> 
 <li><a href="https://cryptonewsland.com/sbf-retains-speakership-at-nyt-event-despite-ftx-mishandling/" rel="noopener noreferrer nofollow">SBF Retains Speakership at NYT Event Despite FTX Mishandling</a></li> 
 <li><a href="https://cryptonewsland.com/web-stories/joe-biden-calls-for-crypto-regulation-amid-ftx-collapse/" rel="noopener noreferrer nofollow">Joe Biden Calls for Crypto Regulation Amid FTX Collapse</a></li> 
</ul> 
The post <a rel="noopener noreferrer nofollow" href="https://cryptonewsland.com/g20-summit-polishes-declaration-for-crypto-industry-support-and-regulation/">G20 Summit Polishes Declaration for Crypto Industry Support and Regulation</a> appeared first on <a rel="noopener noreferrer nofollow" href="https://cryptonewsland.com">Crypto News Land</a>.

G20 Summit Polishes Declaration for Crypto Industry Support and Regulation

Crypto News Land

Other articles published on Sep 11, 2023

Shiba Inu Price Faces Significant Decline Despite Burn Rate Surge

XLM Price Analysis: Here’s How XLM Price Can Soar to $0.16?

FTX Sues LayerZero Labs, Seeks to Recover $21M

Why Is the Crypto Market Down Today?

Ripple, Strengthened by Two Recent Partnerships, Can Now Tokenize Real World Assets: Influencer

IMF-FSB & Indian G20 Release Joint Policy on Global Crypto Regulation

Join our free newsletter for daily crypto updates!