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According to Minister Nirmala Sitharaman, cryptocurrency issue requires immediate attention

Issues concerning crypto assets require immediate attention, and the G20 response must ensure that they do not lose any potential benefits while protecting economies from harm, according to Union Finance Minister Nirmala Sitharaman. On Friday, Sitharaman participated in a brainstorming session with G20 finance ministers and central bank governors at the IMF’s headquarters in Washington. India currently holds the G20 annual rotating presidency. Crypto-related issues have emerged as a major point of discussion among G20 countries, and member nations agree on the importance of regulating this sector. Global experts on this topic were present at the brainstorming session.

Sitharaman stated in her remarks that the G20 recognizes the work of the International Monetary Fund (IMF) and the Financial Stability Board (FSB) in identifying key elements of policy and regulatory framework. She also stated that a synthesis paper incorporating macroeconomic and regulatory perspectives on crypto assets is required. The minister stated that G20 members agreed on the need for a globally coordinated policy response to crypto assets that takes into account the full range of risks, including those unique to emerging markets and developing economies.

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