Crypto is a topic that has caught the attention of many governments and organizations.
One of them is the Financial Stability Board (FSB), which is a group of experts that sets standards for the global financial system. Another one is the International Monetary Fund (IMF), which is an agency that helps countries with their economic issues.
These two groups have teamed up to write a paper on how to deal with crypto in a smart and safe way. They will present their paper at the G20 Summit, which is a meeting of the leaders of the 20 biggest economies in the world.
Why did they write this paper?
Well, they were asked by India, which is the country that leads the G20 this year.
India wanted to have a clear and consistent plan on how to handle crypto, because crypto can pose some risks and challenges.
For example, did you hear about the FTX exchange that went bankrupt, or the terraUSD stablecoin that collapsed? These events showed how crypto can be vulnerable to hacks, scams, and market crashes.
That’s why the FSB and the IMF want to monitor crypto closely and make sure it doesn’t harm the wider financial system.
They also want to promote global cooperation and information sharing among countries, so that everyone can benefit from crypto without causing problems for each other.
