Finance ministers and central bank governors (FMCBG) from G20 nations on 13th October 2023 adopted a roadmap for regulating crypto assets proposed by the Financial Stability Board (FSB) and the International Monetary Fund (IMF) at their meeting at Marrakesh in Morocco.
Key points
- The G20 FMCBG communique was issued after their fourth and final meeting under the Indian presidency in Marrakesh.
- The roadmap was proposed in a synthesis paper jointly prepared by the International Monetary Fund (IMF) and the Financial Stability Board (FSB).
- The G20 emphasises the need for a clear and consistent policy framework for crypto assets.
- The G20 encourages international collaboration among member nations and beyond.
- Recognising the global reach of crypto assets, the G20 is extending its focus beyond its member nations.
- The G20 FMCBG communique covered various important topics alongside crypto assets.
- These included the strengthening of multilateral development banks (MDBs), management of global debt vulnerabilities, enhancement of cross-border payments, support for sustainable recovery from the COVID-19 pandemic, and advancement in climate action.