Crypto Regulation: The G20 Policy Responses to the FTX Scandal

Cryptocurrencies and politics – They don’t mix well. The recent G20 international summit reminding us that too muchFTX deal brought cryptocurrencies to the forefront. Thus, the 20 most industrialized and influential countries on the planet, members of the G20, after having tackled stablecoinsare working on the development of a unified policy on cryptocurrencies. If this initiative is successful, a common policy will be put in place. It would then provide a comprehensive regulatory framework. All member countries of the G20 will have to follow it. Explanations.

An international political decision to regulate cryptocurrencies

Indian Federal Secretary for Economic Affairs, Ajay Sethhas commented during a press conference that the cryptocurrency regulation should arise from a political proposal adopted by the governments of the G20.

Beyond cryptocurrencies and other digital assets, this meeting will also focus on macroeconomic issues. Funding for climate action or other sustainable development goals is also on the agenda.

Bitcoin regulation

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After the FTX scandal, regulators at attention

The Indian Federal Secretary also indicated that one of the priorities put on the table is to ” help countries find consensus on a unified political approach. The G20 economic leaders therefore believe that this consensus would improve global regulation.

In this sense, the G20 has requested the study:

  • The taxation of cryptocurrencies around the world;
  • Different monetary policies established around the world;
  • The impact of cryptocurrencies on the banking system;
  • Of the economic implication of cryptocurrencies in the world.

According to SitharamanIndia’s finance minister, any regulation or ban on cryptocurrencies will only be effective after ” significant international collaboration on risk-benefit assessment. ยป

Since the FTX scandal and the constant revelations about the actions of Sam Bankman-Fried, the regulation has never ceased to wish to accelerate the pace on cryptocurrencies. This demand for a global policy on cryptocurrencies is therefore not new.

Let us remember that theFTX collapse has led to financial hardship for several other crypto businesses. Moreover, millions of consumers lost their life savings, and an entire industry was hurt morally during a bear market. The former CEO of FTX, Sam Bankman-Fried, was arrested earlier this week by Bahamian authorities on the orders of the US government. Now in prison, he agrees that the revelations that continue to rain down will stir up the wrath of a urgent regulation, even in France.

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