G20 finance ministers and central bank governors agreed that crypto regulation cannot be confined to one part of the world, the Indian finance minister said.” “Any action on crypto assets must be global,” she stressed, adding that the G20 finance chiefs’ discussion on crypto was “very essential.
G20 Finance Ministers on Crypto Regulation
Indian Finance Minister Nirmala Sitharaman spoke Thursday about the G20 discussion on crypto regulation at a press conference following the G20 Finance Ministers and Central Bank Governors meeting held on the sidelines of the annual spring meetings of the International Monetary Fund and World Bank.
Co-chaired by Sitaraman and Reserve Bank of India (RBI) Governor Shaktikanta Das, the G20 finance ministers and central bank governors discussed matters related to cryptocurrency oversight and related issues.
India’s Finance Minister said:
The discussion on crypto assets highlighted that crypto assets are not limited to one part of the world. Their impact can affect both emerging&and developed countries. Therefore, a global policy response to crypto assets is needed.
Sitaraman said he was “pleased to say that there is greater acceptance among all members of the G20 that any action on crypto assets must be global” and that the challenges posed by crypto assets “G20 has responded promptly and fairly, I think,” he added.
In response to a question at the press conference, the Indian Finance Minister further said: “The G20 and its members agree that it is not possible to have an independent stand-alone country dealing with crypto assets and that there must be a coordinated global understanding of how to go about regulating crypto assets. We agree.”
Referring to the work of the IMF and the Financial Stability Board (FSB) on a joint “synthesis paper” on crypto, the Indian Finance Minister said:
During our presidential term, this will be done because the IMF paper will be discussed. The FSB paper will also be taken up and a synthesis paper will be prepared which will bring together both the IMF paper and the FSB paper.
Sitaraman explained that the discussions will take place in September and October, and “eventually a roadmap of how and what the G20 members understand in this will be prepared, so that when the G20 calls for it, we can move further forward on specific regulatory actions.” He stated.
India’s finance secretary also noted that crypto assets could potentially cause macroeconomic ins.