A recent G20 meeting featured a roundtable discussion where top economic officials advocated for more global coordination on crypto regulations.
The discussion, which was closed to the media and followed Chatham House rules, was hosted by India as the current G20 president.
The participants expressed different views on how to regulate crypto, but agreed that banning it was not a viable option.
Kristalina Georgieva, the Managing Director of the International Monetary Fund, compared crypto to water: “You try to plug it from one side, it will find some hole and come out.” Jay Shambaugh, a key U.S. Treasury official, said that creating global crypto rules would not legitimize the sector’s problems, just as requiring seat belts did not normalize car accidents.
The discussion also affected India’s plans to present its own presidency note on crypto, which was supposed to outline a roadmap for crypto regulations and demonstrate India’s role in shaping it.
However, other G20 members objected to the note, saying that it should be based on consultations with all members, since India represents the collective voice of the G20.
Local reports confirmed India’s intention, but also reported the resistance from other members.