On February 25, the group of the world’s 20 largest economies, collectively known as the G20, announced that the Financial Stability Board (FSB), the International Monetary Fund (IMF) and the Bank for International Settlements (BIS) will deliver documents and recommendations that establish standards for a global cryptographic regulatory framework.

The Financial Stability Board (FSB) is expected to publish its recommendations by July 2023 on the regulationsupervision and surveillance of global stablecoins, crypto asset markets and activities, as stated in a document providing a summary of the results of a meeting with finance ministers and central bank governors.

The next set of guidelines is not expected to be released until September 2023. At that time, the FSB and IMF are scheduled to jointly provide “a synthesis paper incorporating macroeconomic and regulatory aspects of crypto assets.” The International Monetary Fund (IMF) is scheduled to publish another investigation into the “potential macrofinancial ramifications of the broad adoption” of central bank digital currencies in the same month (CBDC). The following is an excerpt from the statement that was published by the G20: “We look forward to the IMF-FSB synthesis paper that will support a coordinated and comprehensive policy approach for crypto assets, considering the macroeconomic and regulatory outlook, including the full range of risks that crypto assets pose.

In addition, the BIS will provide a document that discusses analytical and conceptual concerns, in addition to potential risk mitigation techniques associated with crypto assets. The text does not include any information about the deadline for this report. The use of cryptocurrency assets to finance terrorist operations will also be investigated by a financial task force established by the G20.

During the course of the event, US Treasury Secretary Janet Yellen said that it was “essential to establish a strong regulatory framework” for cryptocurrency-related activities. In addition to this, she emphasized that the nation does not advocate a “total ban on crypto activity.” In a brief conversation with reporters on the sidelines of the main event, IMF Managing Director Kristalina Georgieva suggested that G20 nations should be given the option to ban cryptocurrencies.