Tesla and Spacex CEO Elon Musk has debunked reports claiming that he advised former U.S. President Donald Trump on cryptocurrency. While stating that he is pretty sure he has not discussed crypto with Trump, Musk said crypto can “shift power from the government to the people,” and he is generally in favor of it. Musk: […]
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G20 Nations Actively Discussing Crypto Framework, Says Indian Finance Minister
The G20 countries are actively discussing a global framework for crypto assets under India’s presidency, Finance Minister Nirmala Sitharaman has revealed. “India’s presidency has put on the table key issues related to regulating or understanding that there should be a framework for handling issues related to crypto assets,” she emphasized.
India Says ‘Active Discussions’ on Crypto Are Happening
Indian Finance Minister Nirmala Sitharaman provided an update on the discussions regarding global cryptocurrency regulations under India’s G20 presidency on Tuesday at this year’s Global Fintech Fest in Mumbai.
Regarding crypto discussions at the G20, the Indian finance minister emphasized: “India’s presidency has put on the table key issues related to regulating or understanding that there should be a framework for handling issues related to crypto assets.” She affirmed:
Active discussions are happening.
Sitharaman proceeded to reference various in-depth papers relating to the regulation of crypto assets that have been presented at G20 meetings from global organizations such as the International Monetary Fund (IMF), the Financial Stability Board (FSB), and the Organisation for Economic Co-operation and Development (OECD). She specifically mentioned that the IMF and the FSB have submitted their synthesis paper on crypto assets.
She also noted that crypto is both “a threat as well as an opportunity,” emphasizing: “As much as you build firewalls, there are more and more newer ways in which attacks are being made.”
India has been deliberating on the regulation of crypto assets for several years. In 2019, a draft crypto bill was submitted to the Ministry of Finance but it was never taken up in parliament. Subsequently, the Indian government indicated that more work is needed on the bill and underscored the need for global coordination in overseeing the cryptocurrency sector.
India’s Prime Minister Narendra Modi said last month that crypto needs “a global framework and regulations.” He stressed: “The rapid pace of change of technology is a reality — there is no point in ignoring it or wishing it away. Instead, the focus should be on adoption, democratization, and a unified approach.”
Last month, India also put forward proposals for a roadmap to introducing a global regulatory framework for crypto assets. Sitharaman previously said that India seeks a common framework for crypto for all countries.
What do you think about Indian Finance Minister Nirmala Sitharaman stating that active discussions are taking place within the G20 regarding crypto? Let us know in the comments section below.
BRICS Discussing Single Unit of Account, Alternative to Dollar, Russian Finance Minister Says
The BRICS members are mulling over the possible launch of a common unit of account, Russia’s Minister of Finance Anton Siluanov unveiled. This would be an alternative to the U.S. dollar that can be used to denote the cost of some commodities, for example, but not a single currency like the euro, the Russian official explained.
BRICS States Focused on Trade in National Currencies, See Potential in Unified Settlement Systems
The BRICS countries (Brazil, Russia, India, China, and South Africa) are discussing the possibility of creating a common unit of account that would serve as an alternative to the U.S. dollar, Minister Siluanov told the Chinese state-run CGTN TV channel during the BRICS summit.
Leaders of the BRICS member states are meeting in Johannesburg on Aug. 22-24, with Russian President Vladimir Putin joining via video link, to discuss the future moves of the group. The prospect of issuing a single currency for the bloc, which unites leading emerging economies, is one of the topics of the talks.
Anton Siluanov pointed out, however, that the main emphasis, when it comes to the development of trade relations, is now placed on settlements in national currencies. “We see the potential to discuss the creation of unified settlement systems,” he said, also quoted by the Tass news agency, and elaborated:
This can be a unit of account for the BRICS member countries. Not a single currency like in the EU but an alternative to the dollar, in which the cost of commodity deliveries can be denoted as well as benchmarks for some goods so as not to depend on the single currency or an issuing center that issues banknotes in a no-one-knows-how manner.
Intensive consultations have been carried out in recent months within BRICS on launching a single currency, according to an earlier report by Tass quoting a representative of the South African Ministry of International Relations. However, there has been no decision to this effect yet, the official said, adding that a BRICS currency was being discussed as a concept.
During a meeting of the foreign ministers of the BRICS states in Cape Town in early June, the group’s top diplomats announced a plan to encourage the use of local currencies in international trade. At the end of April, South Africa’s ambassador to the group, Anil Sooklal, highlighted efforts to create a common currency but also noted that the bloc was focused on expanding the use of national currencies.
Do you think that BRICS will eventually issue a single currency? Share your expectations in the comments section below.
Russia Actively Discussing BRICS Expansion With Member Nations, Official Reveals
A Russian official has revealed that regular discussions are being held between Russia and other BRICS member nations regarding the expansion of the economic group. “This requires a thorough analysis and delicate internal work by the five countries to reach a consensus,” according to Russia’s Foreign Ministry.
Member Countries Discuss BRICS Expansion
Maria Zakharova, the spokeswoman for the Russian Foreign Ministry, stated during a news briefing on Thursday that Russia has been holding regular negotiations with its BRICS partners regarding the group’s possible expansion, local news outlet Tass reported. The BRICS nations comprise Brazil, Russia, India, China, and South Africa.
Zakharova explained:
The entire range of issues associated with this is being discussed at BRICS sherpas and sous-sherpas meetings, and, of course, this requires a thorough analysis and delicate internal work by the five countries to reach a consensus.
The Foreign Ministry’s spokesperson added that while the discussions occur regularly, it is premature to reveal any specifics about the approval procedure at this time.
Emphasizing that the BRICS nations are focusing their attention on the group’s expansion as the topic is highly relevant at present, Zakharova noted that these issues “are discussed by the five heads of state and foreign ministers,” noting that “Specifically, the declaration adopted at the 14th BRICS summit in Beijing issued instructions to work out appropriate guiding principles, standards, criteria, and procedures.”
Earlier this week, South Africa’s ambassador to the BRICS group, Anil Sooklal, revealed that 19 countries have expressed an interest in joining the BRICS economic bloc. “What will be discussed is the expansion of BRICS and the modalities of how this will happen,” he said, elaborating:
Thirteen countries have formally asked to join and another six have asked informally. We are getting applications to join every day.
The BRICS nations have been pushing to gain global influence and shifting away from U.S. dollar reliance. In addition, the economic group is working on creating a common currency for member countries. Some economists have warned that a BRICS currency could erode the USD’s dominance.
Do you think the BRICS group should expand and add more members? Let us know in the comments section below.
Mike Novogratz Laments US Government’s Penchant for Discussing Crypto While Saying ‘Nothing About AI Regulation’
Galaxy Digital Holdings chief executive Mike Novogratz has said he finds it shocking that U.S. authorities are interested in talking about the regulation of crypto, but have said nothing about artificial intelligence (AI) regulation. Novogratz added that by choosing mainly to focus on crypto regulation, the U.S. government has it “completely upside-down.”
‘A Real Technology That People Care About’
Crypto billionaire and Galaxy Digital Holdings CEO, Mike Novogratz, recently said he finds it shocking that regulators only seem to be interested in “talking so much about crypto regulation and nothing about AI [artificial intelligence] regulation.” Novogratz also suggested that it would “be dumb” for the government to “cache this industry because of Sam Bankman-Fried in his Bermuda shorts.”
Speaking at Galaxy Digital’s Fourth Quarter (Q4) 2022 Shareholder Update Conference Call, Novogratz, who has previously slammed Sam Bankman-Fried, insisted that he is not against any move that weeds out bad actors from the space. The CEO, however, said he is not a fan of U.S. regulators’ approach which he said is akin to “throwing the baby out with the bath water.”
According to Novogratz, crypto has emerged as an important way of preserving value in a world where fiat currencies like the U.S. dollar are continuously getting debased.
“Like, this is a real technology that people care about. This is the real alternative to a way to save money in a world where it feels like the dollar will be debased, or all Fiat will be debased. The real way of monetizing IP in the NFT [non-fungible token] space, and lots of other — this isn’t tulips in sixteenth-century Holland. This is a real technological breakthrough,” Novogratz argued.
The CEO added that by choosing to focus on crypto while doing nothing about AI, the U.S. government “got it completely upside-down.”
Gary Gensler’s Vacillations
Meanwhile, when asked about what he sees as his main problem with what has been described as the U.S. Securities and Exchange Commission (SEC) pushback, Novogratz responded by pointing to the regulators and SEC chair Gary Gensler’s vacillations when it comes to what constitutes a security and what does not. The CEO also appeared to blame the SEC’s inability to clearly name or highlight the attributes that make a crypto asset a security for causing the impasse that now exists between industry players and regulators.
Concerning what needs to be done to make the industry go forward, Novogratz said:
You need really smart people thinking about how do you take this new industry, create a set of rules that allows legitimate players to forge this industry in the U.S. and grow it.
What are your thoughts on this story? Let us know what you think in the comments section below.
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