While raising concerns around the potential impact of cryptocurrencies on nations’ monetary policies, a policy paper prepared under India’s G20 Presidency to form a global framework on dealing with crypto assets, has suggested licensing crypto service providers and called for countries to implement the Financial Action Task Force (FATF) anti-money laundering and counter-terrorist financing (AML/CFT) standards in the sector.
The policy paper, prepared by the International Monetary Fund (IMF) and the Financial Stability Board (FSB), at the request of the Indian G20 Presidency, however, has suggested that an outright ban might not work given the borderless nature of cryptocurrencies. The paper comes days after Finance Minister Nirmala Sitharaman had, earlier this week, called for setting up a framework for handling challenges related to crypto assets.
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