G20 Aims To Build Policy Consensus On Crypto Assets: Report

Other issues covered in ongoing talks included managing global debt vulnerabilities, financing for climate action and sustainable development goals, and strengthening multilateral development banks.

On December 14, India's federal economic affairs secretary, Ajay Seth, said the Group of 20 (G20) member countries want to build a policy consensus on crypto assets. He said that the G20 wants to do this to inform better global regulation, according to a report by Reuters. He made these comments in Bengaluru, where India is currently hosting the bloc's first meeting of finance and central bank deputies after taking over the G20 presidency. While addressing a press conference, he said that the implications of crypto assets for the economy, monetary policy, and the banking sector should be studied to inform the consensus.
 
He said, "The regulation should flow from the policy view taken. In fact, one of the priorities which have been put on the table is to help countries build a consensus for a policy approach to the crypto assets."

Other issues covered in the ongoing talks include managing global debt vulnerabilities, financing for climate action and sustainable development goals, and strengthening multilateral development banks, among multiple others.

Meanwhile, former FTX founder and CEO Sam Bankman-Fried has been arrested by the Royal Bahamas Police at his apartment complex in a luxury gated community called Albany. He was also denied bail in the Bahamas courtroom hearing on December 14. At present, he is facing the possibility of being extradited to the US. Upon being asked whether he would seek to waive his right to an extradition hearing, he said, "I am not waiving."
 
Earlier, Bankman-Fried stated that he thinks he does not have any criminal liability. In November, he had said, "I didn't ever try to commit fraud." However, in his written testimony, he said, "I would like to start by formally stating, under oath: I messed up."

All of these happened after the FTX filed for bankruptcy on November 11, following the total collapse of the firm as traders rushed to withdraw $6 billion from the agency within 72 hours. The media reported that Bankman Fried secretly used about $10 billion of customer funds to help his trading business.

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