Share this article
Bank Collapses Underscore G-20 Hesitance on Crypto: Source
As the current president of the G-20, India has the power to ask international bodies tasked with framing the global crypto rules to factor in recent bank collapses.
By Amitoj Singh
Updated Mar 13, 2023, 5:13 p.m. Published Mar 13, 2023, 3:55 p.m.
Make us preferred on Google
The recent collapses of crypto banks have only underscored the caution of the Group of 20 (G-20) on crypto assets, a highly placed G-20 source told CoinDesk.
"Recent bank collapses have not changed, heightened or accelerated the G-20's approach on framing global crypto regulation, it has only underscored our hesitancy," the person said.
STORY CONTINUES BELOW
India is currently the president of the G-20 and thus has agenda-setting power. It has the power to ask international bodies tasked with framing the global crypto rules to factor in recent bank collapses.
"The G-20 does not need to ask the [International Monetary Fund] and [Financial Stability Board] to factor the recent crypto bank collapses because such instability has already been taken into account," the person said, while adding the agenda setters are watching the developments closely.
The G-20 has tasked the Financial Stability Board (FSB) and the International Monetary Fund (IMF) to jointly come up with a global framework for crypto in the form of a synthesis paper.
The IMF had privately presented a report to the G-20 in February focusing on the "Macrofinancial Implications of Crypto Assets." The report made public on Monday revealed that the IMF had warned the G-20 that the widespread proliferation of crypto assets could lead to banks losing deposits and curtailing lending.
"This showcases how quickly a bank or a venture capital [firm] with excessive exposure of any sort can collapse and how prone it is to bank runs," the source said.
Read More: IMF Had Warned G-20 That Widespread Crypto Use Would Impact Banks
More For You
KuCoin captured a record share of centralised exchange volume in 2025, with more than $1.25tn traded as its volumes grew faster than the wider crypto market.
What to know:
- KuCoin recorded over $1.25 trillion in total trading volume in 2025, equivalent to an average of roughly $114 billion per month, marking its strongest year on record.
- This performance translated into an all-time high share of centralised exchange volume, as KuCoin’s activity expanded faster than aggregate CEX volumes, which slowed during periods of lower market volatility.
- Spot and derivatives volumes were evenly split, each exceeding $500 billion for the year, signalling broad-based usage rather than reliance on a single product line.
- Altcoins accounted for the majority of trading activity, reinforcing KuCoin’s role as a primary liquidity venue beyond BTC and ETH at a time when majors saw more muted turnover.
- Even as overall crypto volumes softened mid-year, KuCoin maintained elevated baseline activity, indicating structurally higher user engagement rather than short-lived volume spikes.
More For You
Ukraine banned Polymarket and there’s no legal way for it to come back
Polymarket and similar platforms are considered unlicensed gambling operators, leading to blocked access.
What to know:
- Ukraine has no legal framework for Web3 prediction markets, and current legislation provides no recognition for such platforms.
- Polymarket and similar platforms are considered unlicensed gambling operators, leading to blocked access.
- Legal changes are unlikely in the near future, as Parliamentary revisions to gambling definitions are extremely improbable during wartime, leaving prediction markets in a legal deadlock.
Top Stories
