Governments From The G20 Are Collaborating To Create A Unified Cryptocurrency
In order to better govern the asset class, the G20 Governments intend to develop a policy consensus on cryptocurrencies.
India’s federal economic affairs secretary Ajay Seth stated on Wednesday that the G20 countries will analyze the consequences of cryptocurrencies for the economy, monetary policy, and the banking sector in order to inform policy consensus.
The Group of Twenty (G20) is an intergovernmental forum made up of 19 countries plus the European Union. It works on significant global economic challenges such as international financial stability, climate change mitigation, and sustainable development.
India now holds the G20 chair and is holding the group’s inaugural meeting of finance and central bank deputies in Bengaluru on December 13-15.
Notably, the emphasis on cryptocurrency regulation follows the unusual failure of FTX, once the third-largest cryptocurrency exchange, which resulted in billions of dollars in losses for retail clients.
As reported, the government of The Bahamas detained Sam Bankman-Fried, the discredited creator of the exchange, on Monday following the reception of formal information from the United States that it has filed criminal charges against SBF and is likely to request his extradition.
SBF has been charged with eight criminal counts in the Southern District of New York, including wire fraud and conspiracy to misappropriate client monies. SBF was also charged by the Securities and Exchange Commission with “orchestrating a conspiracy to defraud equity investors in FTX.”
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