Remember The Crypto Paper To Be Discussed in The G20 Summit in India? | Here is a Snapshot

By Oivas | Crypto and Gaming Articles | 10 Sep 2023


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**Disclaimer:** This looks like financial advice, doesn’t it? If you put your head down and think, you may be convinced that this indeed is financial advice. If you close your eyes, it may seem logical to do what is in the article.

Even then - Do Your Own Research! This is not financial advice! 😊

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Okay, the Summary First | TLDR | Things I Like And Things I Don’t

A couple of days ago, I wrote an article discussing the G20 meeting of the wealthiest countries in the world and their aim to finalize a crypto policy paper (kind of whitepaper, if you will).

Here is that article: G20 Countries under India’s Presidency Call for Crypto Regulation and Licensing | Against Crypto Ban | G20 Includes America, European Union and More

Well, in yesterday’s newspaper, a snapshot of the policy paper was put across. Here it is:

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The discussion on the paper will be held today, 10th September 2023 (or 11th). The important point is that this paper was prepared at the request of India, by the International Monetary Fund (IMF) and Financial Stability Board (FSB).

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Things that sound fine:

1. No advocating a ban on crypto
2. Twenty wealthiest nations controlling 60-75% of the world’s wealth are open to discussing
3. Chances of consensus, and therefore, opening up the crypto space to large investors, traders, corporates, and even governments
4. Financial Action Task Force (FATF) framework to curb illegal use (a good thing to counter terrorism-funding. Also, scammers could be traced back and assets recovered)
5. FSB to provide global regulation and governance framework for market players (follow up of point 3)

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Things that I didn’t like:

1. Cryptos are seen as tools that could threaten financial stability, tax compliance and collection
2. May impact domestic savings negatively
3. Will (not may) become a safe haven for anti-social elements and terrorists
4. Recommends not to provide legal tender status to crypto (What does El Salvador think about that?)
5. Timelines until the end of 2025 to come up with a realistic framework and then framework rollout by the IMF

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And Things That I Found Hilarious:

1. The paper calls Bitcoin - a Global Stablecoin!!
(Ahahahhahha… I died laughing!)
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Now Everything Other Than TLDR | The Crypto Guru Speaks!

Whether we like it or not, any crypto discussion at a global forum is good; especially, those discussions that are run by governments are always welcome. While many points may seem prohibiting, understand that this is up for discussion among stakeholders rather than a final paper. There will be iterations. While the iterations happen over the next two years, the crypto landscape will also keep evolving, making the governments, IMF, FSB, and FATF take note as the paper itself evolves.

All-in-all, it seems to be a step in the right direction, and a lot can happen. It is definitely a big step for countries like India that did not want crypto, then banned it, then unwillingly accepted it, and finally taxed it. The same country coming up with a framework policy paper for crypto is a big step forward. And India is, after all, the fifth largest economy, which may very well be the third largest by the time this paper finds its final form.

So, I am pretty optimistic. What about you?

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The Timelines, Though | Yeah, Two Years From Now | Still, Better Than a Decade

While the two years for policy framing looks a long and tedious one, let’s remember that it could have very well been a decade from now. Also, all crypto users would have to be living in the constant uncertainty of crypto acceptance by their respective countries. The SEC of the U.S. is a good example of an arbitrary war against crypto and the ensuing uncertainty for crypto users.

When the IMF framework is adopted at the G20 level, it would have the U.S. government's approval, and therefore, the SEC falls in line, bringing certainty to crypto users. Now, this also encourages hitherto fence-sitters to jump into the crypto space. ***And remember, as per Triple-A, the crypto payments gateway, there are about 420 million crypto users in the world. That’s all.*** So, if even half of the world population of 8,500 million adopts cryptocurrency, can you imagine what happens to the market cap and prices of crypto assets? We are not even talking about innovative solutions on the blockchain yet.

See the potential?

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Okay, but That’s Only G20 | What About the Rest of the World?

To be honest, if 60-75% of the wealth-owning countries transact in a particular way, be it the crypto way, the others will fall in place. Why do I say that? Because I have proof. Since WW2, one superpower with the highest and largest GDP share wanted the world to trade in its currency, and it happened. If that happened, this will too.

Just so that you know, India invited the African block of 55 countries also to join the G20, and they will be part of this discussion too. So,

G19 + European Bloc + African Bloc

That’s approximately 90 countries. How’s that for consensus?

Wait, what? Don’t tell me you are still wondering which that superpower was. America, duh! And the dollar traded across the globe! ;p

What More?

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The Actual Discussion Is Scheduled For Today | I Will Update Soon

The actual discussion is to be taken up on the 10th or 11th of September. Whenever that comes up, I will update over here. I am quite confident that we are all moving in the right direction.

So, what next? Buy Bitcoin to start with, if you haven’t done already.

By the way, this is not financial advice! 😉

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**Image Courtesy:** The Economic Times, India, dated 8th September 2023

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How do you rate this article?

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Oivas
Oivas

Crypto Enthusiast | Writer | Blogger | Author


Crypto and Gaming Articles
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