New data shows that 134 countries, representing 98% of global GDP, are now exploring central bank digital currencies (CBDCs), with 66 nations advancing to pilot or development stages. Every G20 nation is engaged in CBDC efforts, with notable leaders such as China and the European nations pushing forward. The U.S. remains lagging behind Europe and…
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The Indian government, through a panel headed by the Secretary of the Department of Economic Affairs (DEA), is expected to release a consultation paper on cryptocurrency regulations. The paper, scheduled for release between September and October 2024, will seek input from stakeholders to gather feedback on effective regulation. India is emphasizing the importance of international…
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Indian Finance Minister Nirmala Sitharaman advocates for global consensus on cryptocurrency regulation, highlighting the need for international cooperation, particularly within the G20. She noted that while Indian regulators have differing opinions regarding how to treat crypto, there is currently no significant confusion. Indian Finance Minister on Crypto Regulation Indian Finance Minister Nirmala Sitharaman stressed the…
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The Securities and Exchange Board of India (SEBI) has submitted its recommendations for regulating crypto assets to a government panel. SEBI suggests multiple regulators for different aspects of cryptocurrency trade. India’s central bank, the Reserve Bank of India (RBI), however, views crypto as a macroeconomic risk, highlighting concerns about tax evasion and fiscal stability. SEBI…
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Indian Finance Minister Nirmala Sitharaman has stated that it is the position of the Indian government that crypto assets cannot be currencies, which are issued by central banks. She clarified that crypto assets can be used for trading, speculation, profit-making, and various other purposes. Moreover, she noted that India has raised the issue of crypto…
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Welcome to Latam Insights, a compendium of Latin America’s most relevant crypto and economic news during the last week. In this issue: The portfolio of bitcoin investments of the Salvadoran government went into black numbers, Brazil will discuss using digital currencies for financial transfers in the Group of 20 (G20), and Venezuela alleged Exxonmobil financed…
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Brazil will address the subject of digital currencies and how they can improve the financial system for the Group of Twenty (G20). Roberto Campos Neto, president of the Central Bank of Brazil, stated he wants the G20 to consider the benefits of using these currencies for making financial transactions and to work towards adapting rules…
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The G20 finance ministers and central bank governors have adopted the roadmap on crypto assets proposed by the International Monetary Fund (IMF) and the Financial Stability Board (FSB). “We call for swift and coordinated implementation of the G20 Roadmap,” the finance chiefs announced at their latest meeting. G20 Finance Chiefs’ Communique on Crypto Assets The…
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The Group of Twenty accepted the regulatory roadmap proposed in a joint Synthesis Paper of the International Monetary Fund and the Financial Stability Board. On Oct. 13, the Group of Twenty (G20) — an intergovernmental forum comprising 19 sovereign countries, the European Union and the African Union — unanimously adopted the “G20 Finance Ministers and…
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Finance ministers and central bank governors are all set to meet for the final time under India’s G20 presidency on October 12 and 13 in Marrakesh, Morocco. The roadmap for crypto regulations is expected to be one of the major key agendas during the meeting. India will seek to ensure that the issues that were…
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