IMF,update

 

Dear MARIA, We just published a new blog—please find the full text below.  Crypto Needs Comprehensive Policies to Protect Economies and Investors (Credit: fanjianhua/iStock by Getty Images) By Tobias Adrian, Dong He, Arif Ismail, and Marina Moretti The global push for clearer policies on crypto assets has gained momentum under the Indian G20 Presidency. As this work continues, it’s important to recognize the progress already achieved, but more is needed, especially in implementing global standards. Last year’s failures of the FTX crypto trading platform and the Terra Luna stablecoin highlighted the urgency of establishing clear policies to protect investors and prevent abuse. Despite recent industry challenges, investor optimism continues to revive periodically, as evidenced by Bitcoin’s near doubling this year. Without robust safeguards, the increased risk of fraud and misconduct could adversely impact investors' expected returns. While some policymakers have taken necessary steps to safeguard consumers and ensure financial integrity, it is equally important to consider the broader implications of crypto. Such assets, particularly stablecoins denominated in hard currencies, could potentially replace official currencies, and significantly impact countries' monetary and fiscal policies. This is especially true in emerging markets and developing economies, underscoring the need for a comprehensive, consistent, and coordinated policy approach to crypto. That’s why we presented an assessment of the macro implications of crypto assets to the G20 presidency earlier this year, building on recommendations outlined in the Elements of Effective Policies for Crypto Assets endorsed by the IMF Executive Board in February. Our approach features three key pillars: a sound macro-policy foundation, clear legal treatment and granular rules, and effective implementation. These are our key policy recommendations: The defense against the substitution of sovereign currencies is the maintenance of robust, trusted, and credible domestic institutions. Transparent, consistent, and coherent monetary policy frameworks are crucial for an effective response to the challenges posed by crypto assets. To protect national sovereignty, it is important not to grant crypto assets official currency or legal tender status. Doing so would require accepting them in many jurisdictions for tax payments, fines, and debt settlements, and could generate fiscal risks for government finances, and could threaten financial stability or rapid inflation. To address the volatility of capital flows associated with crypto, policymakers should integrate them within existing regimes and rules that manage capital flows. This will help ensure stability and minimize potential disruptions. Finally, tax policies should ensure unambiguous treatment of crypto assets, and administrators should strengthen compliance efforts. Specific regulations are needed to clarify the tax treatment of crypto, including value-added taxes or levies on income or wealth. Clear legal treatment Building on a sound macro-policy foundation, clear legal treatment and granular rules are crucial. The principle of "same activity, same risk, same regulations" should guide regulatory efforts. Consistent with the recommendations by standard setters such as the Basel Committee on Banking Supervision, Financial Action Task Force, Financial Stability Board, and the International Organization of Securities Commissions, our recommendations are: A comprehensive legal foundation is essential to effectively regulate crypto, addressing both private law and financial law aspects. This includes ensuring predictability and enforceability of rights while appropriately classifying crypto. Strong anti-money laundering and combating the financing of terrorism (AML/CFT), prudential and conduct rules should be implemented to cover all entities and activities related to the issuance, trading, custody, or transfer of crypto. For systemic stablecoin arrangements, additional requirements such as the Principles for Financial Market Infrastructures—standards that aim to ensure the safety, efficiency, and resilience of FMIs—should be applied. Significantly, the FSB in July established a set of high-level recommendations for crypto regulation, focusing on financial stability. They include ensuring authorities’ regulatory powers and sound governance and risk management practices by providers. It also features revised high-level recommendations for effectively addressing financial stability risks associated with "global stablecoin" arrangements. Overall, the recommendations promote the consistency and comprehensiveness of regulatory, supervisory and oversight approaches to crypto. Effective implementation Finally, ensuring effective policies requires several measures including strong coordination, at the domestic and international level: National authorities must align their frameworks to the emerging guidelines, and standards being developed by standard setting bodies. This alignment is critical to achieve consistent treatment of crypto assets and may require legislative changes. Developing strong supervisory capacity is vital for monitoring and enforcing rules effectively. Authorities must have the necessary skills and resources to oversee the evolving crypto asset landscape. Given the borderless nature of the crypto-assets ecosystem, international collaboration and information sharing are crucial. Cooperation among supervisors and competent authorities will enable the monitoring of crypto asset service providers and maintain the efficacy of regulatory policies. Going beyond crypto polices, public authorities should take advantage in the progress in digital technology to enhance public policy objectives and must actively collaborate to address ongoing cost, trust, and speed issues, particularly for cross-border payments. New multilateral platforms could improve the efficiency of transactions. The IMF will continue to support the G20 by delivering to the Leaders’ Summit in September a joint IMF-FSB synthesis paper highlighting the building blocks for effective crypto policies. In addition, we are committed to providing tailored capacity building to our 190 members based on the above recommendations and emerging guidelines from standard setters. Our surveillance program will also assess the effectiveness of policy frameworks including crypto. By embracing a comprehensive approach and implementing these recommendations, policymakers can safeguard monetary sovereignty, protect investor interests, and promote financial stability in the digital age. Jeff Kearns Managing Editor IMF Blog jkearns@IMF.org   Thank you again for your interest in IMF Blog. Read more of our latest content here. Take good care!

The Obama Foundation,update

 

Adren Wilson, The Obama Foundation <info@email.obama.org> Απεγγραφή	Τρί 18 Ιουλ, 8:31 μ.μ. (πριν από 13 ώρες)
προς εγώ

Hi there, I am both honored and excited to announce the My Brother’s Keeper Alliance’s 2023 Freedom Summer grant recipients. Click here for the full list!   After careful consideration, 33 organizations with track records of protecting and enriching boys and young men of color and with summer programming created to expose them to unique and empowering experiences were selected.  Each of these organizations received funding to use in support of the execution and expansion of their summer spaces and programming. This effort underscores the MBK Alliance’s mission to build safe and supportive communities for boys and young men of color, particularly those in our own backyard. We are excited to share the stories and outcomes of the young men who will participate in these dynamic programs and encourage you to follow our social channels for more! In hope and faith,  —Adren Dr. Adren Wilson Vice President, Youth Opportunity Programs Executive Director, My Brother’s Keeper Alliance               ⓒ 2023 Obama Foundation The Barack Obama Foundation | 5235 S. Harper Ct, Suite 1140, Chicago, IL, USA 60615

COUNCIL OF THE EU,update

Library blog Tuesday 18 July 2023

● General Secretariat of the Council   Think Tank Review - July 2023   The EU’s rule of law toolbox, political equations in Europe ahead of the 2024 European elections, central bank digital currencies in the euro area, the reform of the Stability and Growth Pact, energy's strategic importance for the EU, the July NATO summit in Lithuania, and the evaluation of the Permanent Structured Cooperation (PESCO) are some of the topics covered in the July Think Tank Review.

Library blog Wednesday 19 July 2023

● General Secretariat of the Council   Readers of Europe 2023 - Cypriot recommendation   Over the course of the summer, the Council Library, in collaboration with the permanent representations to the EU, will recommend books to read from across the EU. It’s the fourth instalment of our Readers of Europe initiative, and this year, the spotlight will be placed on female authors. Today’s selection is by the Permanent Representation of Cyprus to the EU – 'Το Βουνί' by Louiza Papaloizou.

PRESS MATERIAL
Wednesday 20 July 2022

● Council of the EU

18/07/2023 | Media advisory |

Presidency event: informal meeting of competitiveness ministers (research), Santander (Spain), 28 July 2023

On 28 of July, Ministers of Research will hold an informal meeting in the Magdalena Palace in Santander.

The half-day meeting will be structured in two working sessions devoted to “The role of scientific diplomacy” and “The second Strategic Plan for Horizon Europe (2025-2027)”. During lunch, Ministers will have a presentation of the “IFMIF DONES project”. The Ministerial meeting will be chaired by Diana Morant, Spanish Minister for Science and Innovation.

Programme and logistical information:Programme (PDF)
Press kit (PDF)

Further information
For press contact by email, please write to media.eu2023es@comunicacion.presidencia.gob.es

Spanish presidency website

EU justice and home affairs ministers to discuss organised crime with the aim of strengthening international cooperation 19/07/2023 | Article EU justice and home affairs ministers to discuss organised crime with the aim of strengthening international cooperation The informal justice and home affairs ministerial meeting will be held on 20-21 July in Logroño, and will discuss police access to personal data and the New Pact on Migration and Asylum, among other issues. 18/07/2023 | Article EU fisheries ministers reaffirm Europe's commitment to boosting the energy transition of the fishing fleet and aquaculture The informal fisheries ministerial meeting addressed the need to adapt the European fleet and aquaculture to sustainability and the energy transition.

Press material Tuesday 18 July 2023

● European Council   18/07/2023 18:31 | Statements and remarks | Declaration of the EU-CELAC Summit 2023, 17-18 July 2023   At the EU-CELAC summit in Brussels on 17-18 July 2023, the EU and CELAC leaders adopted a declaration. Declaration of the EU-CELAC Summit 2023 EU-CELAC roadmap 2023 to 2025

Meetings Tuesday 18 July 2023

● Council of the EU   18/07/2023 14:22 | MEETING | Agenda highlights - Foreign Affairs Council, 20 July 2023   The Foreign Affairs Council will discuss the Russian aggression against Ukraine, Türkiye, and the foreign policy dimension of economic security.

Meetings Tuesday 18 July 2023

● Council of the EU   18/07/2023 12:58 | MEETING | Foreign Affairs Council, 20 July 2023   Background brief - Foreign Affairs Council of 20 July 2023