Hyderabad: Union Finance Minister Nirmala Sitharaman has said the issues related to crypto assets require immediate attention and the response of the G20 has to ensure that they do not lose any potential benefits while protecting economies from harm, on Friday (local time).
Nirmala made these remarks while attending a brainstorming session on "Macrofinancial Implications of Crypto Assets" with G20 Finance Ministers and Central Bank Governors at the International Monetary Fund (IMF) headquarters here in Washington.
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Experts from the leading benchmark setters like @IMFNews, @FinStbBoard, @FATFNews, and @BIS_org also participated in the engaging discussions. (2/5)
— Ministry of Finance (@FinMinIndia) April 14, 2023 " class="align-text-top noRightClick twitterSection" data="
">Experts from the leading benchmark setters like @IMFNews, @FinStbBoard, @FATFNews, and @BIS_org also participated in the engaging discussions. (2/5)
— Ministry of Finance (@FinMinIndia) April 14, 2023Experts from the leading benchmark setters like @IMFNews, @FinStbBoard, @FATFNews, and @BIS_org also participated in the engaging discussions. (2/5)
— Ministry of Finance (@FinMinIndia) April 14, 2023
"G20 acknowledges the work of the IMF and the Financial Stability Board (FSB) in bringing out key elements of policy and regulatory framework and that a synthesis paper that would integrate macro economic and regulatory perspectives of Crypto Assets is required," she was quoted as saying by the Finance Ministry in a tweet.
She was glad to note that there was consensus in the G20FMCBG Bengaluru meeting to have a globally Coordinated Policy response on Crypto Assets that takes into consideration full range of risks posed by them, including the risks specific to Emerging Markets and Developing Economies (EMDEs)
Crypto assets have been a major topic of discussion among G20 countries in the current Washington edition and there is consensus among member nations on the urgency required for regulation. Global experts from the Financial Action Task Force and Bank for International Settlements on this issue participated in the brainstorming session.
"The G20 and its members agree that it's not going to be possible to have an independent standalone country dealing with the crypto assets and that it has to have a globally coordinated understanding on how to go about regulating crypto assets," Nirmala had earlier said in a press conference on the sidelines of a G20 meeting.
"We are in the position to see how countries are now recognising that it is not just a crypto asset regulatory issue, where countries will have to come together, but the IMF dealing with it has also brought in this time mention that they can be issues of macro economic stability itself," Nirmala had said.
