According to Union Finance Minister Nirmala Sitharaman, issues relating to crypto assets demand immediate attention. She said that the G20’s response on the same must make sure that people do not lose any potential benefits while safeguarding economies from harm.
On April 14, Sitharaman took part in a brainstorming session on the “Macrofinancial Implications of Crypto Assets” with G20 finance ministers and governors of central banks. India presently holds the G20 countries’ yearly rotating chairmanship.
Crypto-related issues have been a hot topic of conversation among G20 members, and all agree that this industry has to be regulated immediately. There were international experts present for the brainstorming session to discuss this topic.
In her remarks, Sitharaman stated that the G20 recognises the efforts of the Financial Stability Board (FSB) and the International Monetary Fund (IMF) in identifying important components of the policy and regulatory framework.
In addition, she stated that a synthesis work that incorporates macroeconomic and regulatory perspectives on crypto assets is necessary. The Minister remarked that there is an agreement among G20 countries to have a globally coordinated policy response on digital currency that accounts for all potential risks, including those unique to developing and emerging nations.
After the recent shocks in the cryptocurrency market, Sitharaman stated earlier this week that India’s G20 Presidency wants to create a uniform framework for all governments to deal with the risks involved with cryptocurrencies.