Leading economic officials pushed for greater global coordination of crypto regulations during a recent roundtable discussion held during a G20 meeting. International Monetary Fund Managing Director Kristalina Georgieva opposed the idea of an outright ban, likening crypto to water: “You try to plug it from one side, it will find some hole and come out.” At the same meeting, key U.S. Treasury official Jay Shambaugh said drafting global crypto rules wouldn’t normalize the sector’s disasters, much like how mandating seat belts didn’t normalize car crashes. The roundtable, which was hosted by India as the current G20 president, was conducted under Chatham House rules and thus closed to the media. An individual present for the discussion shared details with CoinDesk, saying the metaphors shared were public knowledge and a robust discussion about global crypto rules could benefit from learning about these viewpoints. Both Shambaugh’s and Georgieva’s office did not immediately respond to CoinDesk’s request for comment. The comments contributed to a sentiment that stalled one part of India’s plans – putting forward its own presidency note on crypto. The note was intended to reflect a roadmap for crypto regulations and show an appreciation of India’s role in shaping it, two people familiar with the matter told CoinDesk. Local reports confirmed India’s intent, but other G20 members pushed back, asking for changes.
Full story : G20 Set to Crystalize Global Crypto Rules as India Wraps Up Presidency.
