G20 finance ministers and central bank governors have agreed that crypto regulation cannot be confined to one part of the world, India’s finance minister has said. “Any action on crypto assets will have to be global,” he stressed, adding that the G20 finance chiefs’ discussion on crypto was “very substantive.”
G20 finance chiefs on crypto regulation
India’s Finance Minister Nirmala Sitharaman spoke about the G20 discussion on crypto regulation on Thursday during a press conference that followed the meeting of G20 finance ministers and central bank governors, held on the sidelines. of the Annual Spring Meetings of the International Monetary Fund (IMF) and the World. Bank.
Sitharaman and Reserve Bank of India (RBI) Governor Shaktikanta Das co-chaired the meeting, during which G20 finance ministers and central bank governors discussed issues related to cryptocurrency supervision, alongside with its related challenges.
The Indian finance minister said:
The discussion around crypto assets highlighted that it could not be limited to one part of the world. Its implications can affect both emerging and developed economies. Therefore, global policy responses to crypto assets are required.
“I am pleased to say that there is greater acceptance among all G20 members that any action on crypto assets will have to be global,” Sitharaman reiterated, adding that “I think the G20 has responded quite promptly” to the challenges. posed by crypto assets.
Responding to a question at the press conference, India’s finance minister further shared: “The G20 and its members agree that it will not be possible to have an independent and independent country dealing with crypto assets and that it has to have coordinated global coordination. understanding on how to regulate crypto assets”.
Referring to work on a joint “synthesis paper” on crypto by the IMF and the Financial Stability Board (FSB), the Indian finance minister said:
The way we are looking at this outcome during our presidency is that the IMF document is being discussed. The FSB paper will also be taken and a synthesis paper will be prepared from the IMF paper and the FSB paper together.
Sitharaman explained that a discussion will take place in September and October and that “by the end of the day, we will see that a roadmap is prepared on how and what kind of understanding G20 members have on this, and it can be taken further. . forward on specific regulatory actions as requested by the G20”.
The Indian finance chief also pointed out that crypto assets can cause macroeconomic instability, stating:
Today, we’re in a position to see how countries are now recognizing that it’s not just a crypto asset regulatory issue, where countries will have to come together, but… There may be macroeconomic stability issues per se.
In conclusion, Sitharaman said that the cryptocurrency discussion among G20 members was “very substantial,” adding that all G20 finance chiefs agreed that cryptocurrency supervision “should be handled globally.”
What do you think about the G20 discussion on cryptocurrencies? Let us know in the comments section.
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