The first G20 Finance Ministers and Central Bank Governors (FMCBG) meeting under the Indian presidency discussed key financial stability and regulatory priorities. India urged member countries to understand the macro-financial implications of crypto assets and recommended formulating a coordinated global policy.
India’s Finance Minister Nirmala Sitharaman has historically supported creating crypto regulations in partnership with other jurisdictions, given the global reach of crypto assets. Under India’s G20 presidency, this narrative is now part of the mainstream discussions.
During the FMCBG meeting held on February 24-25, the G20 members discussed the potential of technological innovations and emphasized the balance of associated risks. Key discussions included financial stability and regulatory priorities, policy approaches to promote financial inclusion, and productivity gains for the G20.
Union Finance Minister Smt. @nsitharaman and Shri @DasShaktikantaGovernor @RBI managed #G20 discussions in the second session on the key financial sector and #financial inclusion problems during the 1st #G20 #FMCBG low meeting #G20India Presidency, in Bangalore, today. (1/6) pic.twitter.com/bRtFmrBL9x
— Ministry of Finance (@FinMinIndia) February 24, 2023
In his closing remarks, Sitharaman thanked the support for reforms related to crypto assets. Specifically, the finance minister called for a coordinated effort “to build and understand the macro-financial implications,” which could be used to globally reform crypto regulation.
In addition, he thanked the International Monetary Fund for publishing a comprehensive document on the macro-financial implications of crypto assets. In a final note, Sitharaman stressed the need for coordination among G20 nations “to support responsible technological innovations and safeguard the stability of the financial system.”
Related: India Expands National Payments Network to Singapore: What’s in it for Crypto?
The Cricket Board of Control in India recently published a 68-page notice calling on the Women’s Premier League to refrain from crypto advertising and sponsorships:
“No franchisee shall enter into a partnership or any type of association with an entity that is connected/related in any way to an entity that is involved/operates, directly or indirectly, in the cryptocurrency sector.”
This follows the ban on the men’s cricket Premier League introduced in 2022. Prior to the ban, the Indian Premier League had collaborated with at least two local cryptocurrency exchanges: CoinSwitch Kuber and CoinDCX.
