- Project Sela, a CBDC venture, combines the agility of the private sector with central bank oversight.
- The introduction of “Access Enablers” has increased competition and increased security.
Indian Finance Minister Nirmala Sitharaman recently revealed the possibility of a centralized cryptocurrency regulatory framework at the G20 summit. Major international organizations such as IMF and FSB support the framework, which will be rolled out during India’s G20 presidency.
Global Cryptocurrency Decision Is Coming
Sitharaman refrained from discussing the future state of cryptocurrencies, saying, “The decision to regulate or ban cryptocurrencies is ultimately up to the G20 countries.” This important turning point comes after Prime Minister Narendra Modi called for global standards for cryptocurrency management at the B20 summit earlier this year.
G20 approach to cryptocurrency regulation
At a press conference immediately after the G20 summit, Sitharaman along with External Affairs Minister S. Jaishankar and G20 Amitabh Kant highlighted the G20’s agreement on strengthening the World Bank’s financing capacity. The G20 document applauded the insights of the BIS Innovation Hub report on central bank digital currencies (CBDCs).
Sitharaman elaborated on the spirit of collaboration, noting that “a comprehensive policy and regulatory blueprint is on the horizon, as evidenced by our support for the IMF-FSB Cryptocurrency Synthesis Document and Roadmap.”
This momentum reflects broader global changes. With institutions like the International Monetary Fund focusing on the broader economic impact of cryptocurrencies and the Financial Stability Board focusing on cryptocurrency regulation, the stage is set for a standardized global approach to digital assets. It seems like it’s ready.