Traditional financial institutions advocated for more crypto restrictions.
Gandhinagar, Gujarat in eastern India has been the location of the third conference.
Finance Minister Nirmala Sitharaman of India, which is now holding the G20 chair, said on Tuesday that the G20 embraced the recommendations of the Financial Stability Board (FSB) on crypto asset activity and global stablecoin arrangements.
After several claims of criminal behavior surfaced during crypto’s recent rocky year. The international standard-setter FSB recommended on Monday stricter standards for protecting crypto customers’ funds and preventing conflicts of interest.
Traditional financial institutions advocated for more crypto restrictions throughout the consultation process. While crypto exchanges like Binance and Coinbase had earlier voiced concerns that stricter regulations may stifle innovation.
Stance on Crypto Regulation
Sitharaman said that the G20 supports the FSB’s suggestions for control of stablecoin
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