On December 14, Ajay Seth, Secretary, Department of Economic Affairs, Government of India, announced that the Group of 20 (G20) member countries are discussing among themselves to reach an agreement on crypto assets. He informed this on the sidelines of the first gathering of G 20 countries’ finance and central bank representatives since Indian assumed the presidency of the G 20.
India hosting the first G20 conference to build consensus on crypto currencies.
Seth went on to say that in order to reach a consensus, it is important to thoroughly research the effects of crypto assets on the economy, monetary policy, and banking industry. He also believed that regulation should follow from the developed policy perspectives. Global debt vulnerabilities, funding for climate action, sustainable development targets, and strengthening multilateral development banks were some of the other topics covered during the ongoing negotiations.
Bankruptcy of FTX and the arrest of its CEO, Sam Bankman Fried, cryptocurrency assets have become a hot topic of discussion among G20 policymakers
Sam Bankman-Fried, the former founder and CEO of FTX, has been detained by the Royal Bahrain Police at his apartment building in the opulent Albany gated community. In the Bahmas judicial hearing on December 14, he was also refused bail. He could potentially be extradited to the US at this time. He responded, “I am not waiving,” when asked if he intended to seek to waive his right to a hearing before extradition.
Bankman-Fried had declared that he had no criminal liability and asserted in November that he had not engaged in any fraud. However, he has admitted that he made mistakes in his written testimony.
The bankruptcy filing of FTX on November 11 has dented traders’ faith in the cryptocurrency. After the firm completely collapsed as traders rushed to remove $6 billion from the agency in less than 72 hours, it filed for bankruptcy. Additionally, there are rumours that Bankman Fried utilised $10 billion in customer cash in secret to support his trading enterprise.