G20 will make proposal to regulate cryptocurrencies in October

Charlie Taylor

The Financial Stability Committee (or FSB) announced on Monday that it will present its own proposed standards to ensure “robust regulation and oversight” of cryptocurrencies. Group of 20 (or G20) treasury and central bankers, said it will report to G20 finance ministers and central bank governors in October, outlining its regulatory and supervisory approaches to stablecoins and other cryptocurrencies. stablecoins, are evolving rapidly. The recent turmoil in the crypto asset markets highlights their intrinsic volatility, structural vulnerabilities and the issue of their increasing interconnectivity with the traditional financial system,” the FSB said in a statement. result not only in “huge losses for investors and threatening market confidence”, but also “rapidly transmitting risk to other parts of the crypto ecosystem”. liquidity — and court-supervised recovery — faced by major lenders and cryptocurrency hedge funds. and not taking action.

Crypto community reacts to G20 proposal

The news of upcoming regulations received mixed reactions in the crypto community. “Regulations in the crypto world have always faced criticism because they conflict with the fundamental principles of crypto being free and decentralized,” Pedro Herrera, senior blockchain analyst at DappRadar, explained to Decrypt. According to Herrera, while some people may regard the enforcement of more transparent rules as a “starting point for mass acceptance and adherence” for many crypto hardliners, “regulations are the way creativity is stifled and freedom restricted.” .“It is important to note that while regulations do not guarantee that the market is fraud-free, they create a barrier for many bad actors to take advantage of the sector”, he stated that, however, it is still too early to jump to conclusions, as no concrete proposals have been put forward so far by G20.Kene Ezeji-Okoye, co-founder of Millicent, the first stablecoin and mobile project central bank digital enterprise (or CBDC) to be financed by the UK government’s Department of Research and Development, agreed that more details are needed on the future FSB proposal. ‘everyday’ adherence, excess regulation can easily harm the industry, so seeing the FSB call for ‘robust’ global standards — without having any idea what those regulations might look like — is pretty worrying,” Ezeji-Okoye explained to Decrypt. “The problem with trying to create a universal playbook for crypto is that by the time this regulation is published, the game will have changed significantly.” Still, Ezeji-Okoye admits that the events of the past few months have demonstrated that stablecoins are “ an industry where comprehensive regulation is needed.” “For digital currencies to become popular, stablecoins must be trusted by the public and completely fungible with others. types of public and private money. The only realistic way for this to happen is through a shared regulatory framework,” added the Millicent leader. indśutria.“Regulators have been aware since 2018 that companies like Celsius are uninsured pseudobanks [contra falência] from the FDIC [Corporação Federal de Seguros de Depósito dos EUA]. Yet they failed to protect consumers. The FSB regulations are coming too late and are likely to be useless to the industry as a whole,” Collement told Decrypt. However, some participants welcome the FSB’s initiative. to stay,” Igneus Terrenus, communications lead at crypto exchange ByBit, told Decrypt. “This emerging consensus will ensure the healthy development of the fast-growing and evolving industry for decades to come.” Terrenus added that ByBit would be happy to contribute its knowledge and resources to such initiatives.*Translated by Daniela Pereira do Nascimento with permission from Decrypt.co.\r\n window.uolads.push({id: \”banner-970×250-area-1\” });\r\n \r\n

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