Parul
Union Finance Minister Nirmala Sitharaman has said that ‘Crypto Assets‘ is an issue that requires immediate attention from the G20 and “our response has to ensure that we do not lose any potential benefits while protecting our economies from harm”.
Sitharaman made the remarks during a brainstorming session on “Macrofinancial Implications of Crypto Assets” with G20 Finance Ministers and Central Bank Governors at the International Monetary Fund (IMF) headquarters in Washington D.C. on Friday.
India currently holds the rotating annual presidency of G20 countries.
Issues related to crypto have emerged as a major point of discussion among G20 countries and there is unanimity among member nations about the urgency to regulate this sector.
The brainstorming session was attended by global experts on this issue.
Sitharaman said the G20 acknowledges the work of the IMF and the Financial Stability Board (FSB) in bringing out key elements of policy and regulatory framework.
Also Read: India-US trade rose by 8% in 2022-23, fell 1.5% with China
She also said a synthesis paper, which would integrate macroeconomic and regulatory perspectives of crypto assets, is required.
Sitharaman also noted that there was consensus among G20 members to have a globally coordinated policy response on crypto assets that takes into consideration the full range of risks, including those specific to emerging markets and developing economies.
Earlier, in February, FM told Parliament that India has taken on board the G20 member nations to formulate a standard operating protocol to regulate crypto mining.
She said that under its G20 presidency, India is “raising this issue and having a detailed discussion with the members so that a standard operating protocol emerges after the discussions in the G20 so that there is a coherent, and comprehensive approach in bringing some regulation into this whether it is mining or whether it is transacting”.
