The Union Finance Minister of India, Nirmala Sitharaman, has stated that issues related to crypto assets need urgent attention. While participating in a brainstorming session on “Macrofinancial Implications of Crypto Assets” with G20 finance ministers and central bank governors, she emphasized that the response of the G20 should ensure that potential benefits are not lost while protecting economies from harm. India currently holds the annual presidency of G20 countries, and crypto-related concerns have emerged as a major point of discussion among member nations. There is unanimity among them about the urgency to regulate this sector.
Global experts on this issue attended the brainstorming session. Sitharaman acknowledged the work of the International Monetary Fund (IMF) and the Financial Stability Board (FSB) in bringing out key elements of policy and regulatory framework. She also stressed the need for a synthesis paper that would integrate macroeconomic and regulatory perspectives of crypto assets.
Sitharaman noted that there was consensus among G20 members to have a globally coordinated policy response on crypto assets. This response should take into account the full range of risks, including those specific to emerging markets and developing economies.
