Nirmala Sitharaman, finance minister of the Union of India, stated that issues pertaining to crypto assets require immediate consideration and that the G20’s response must ensure that potential benefits are not lost while protecting economies from harm.
Sitharaman participated in an ideation session titled “Macrofinancial Implications of Crypto Assets” with G20 finance ministers and central bank governors on Friday at the IMF’s headquarters. India currently retains the annual rotating presidency of the G20 nations.
Cryptocurrency-related issues have emerged as a significant topic of discussion among G20 nations, and there is unanimity among member states regarding the urgency of regulating this industry. The brainstorming session was witnessed by experts from around the world.
In her remarks, Sitharaman stated that the G20 recognises the efforts of the International Monetary Fund (IMF) and the Financial Stability Board (FSB) in developing the framework’s essential elements.
In addition, she stated that a synthesis paper integrating macroeconomic and regulatory perspectives of crypto assets is necessary.
G20 members are in agreement on the need for a globally coordinated policy response to crypto assets that takes into account the full spectrum of risks, including those specific to emerging markets and developing economies.
