Crypto World Shocked as G20 Paves the Way for Big Changes

Crypto World Shocked as G20 Paves the Way for Big Changes

The cryptocurrency market is currently experiencing a surge in enthusiasm, and this enthusiasm is being fueled by the proactive efforts of the G20, which comprises the leaders of the world's largest economies. 

G20 leaders are actively advocating for the swift establishment of a comprehensive international framework to regulate crypto assets across borders. This development suggests the potential for significant growth in the crypto market in the near future.

G20 members have convened for a two-day summit in New Delhi, India's capital. As reported by various news outlets, discussions at the summit have centered around the adoption of a framework that will enhance information exchange among countries. It has been indicated that this framework is slated to come into effect starting in 2027.

The consensus declaration, which has been signed by leaders from the G20 nations, highlights the call for the prompt implementation of the Crypto-Asset Reporting Framework (CARF) and the necessary adjustments to the Common Reporting Standard (CRS). 

Furthermore, the declaration also urges the Global Forum on Transparency and Exchange of Information for Tax Purposes to establish a well-coordinated timeline for the commencement of exchanges by relevant jurisdictions. This signifies a collective effort to address international tax and transparency concerns related to crypto assets

The impending framework has the potential to impact a number of countries, notably Argentina, Australia, Brazil, Canada, China, France, Germany, India, Indonesia, Italy, Japan, Mexico, Russia, Saudi Arabia, South Africa, South Korea, Turkey, the United Kingdom, the United States, and the European Union. 

It's worth highlighting that digital currencies have garnered significant interest, especially considering that two-thirds of the global population resides in a G20 member country.

Also Read: Regulators and IMF Unveil Roadmap to Prevent Crypto Risks

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