Before the second meeting of the G20 Finance Ministers and Central Bank Governors, Indian Finance Minister Nirmala Sitharaman said in an interview they are expecting at least a discussion about crypto in G20 meetings if not total agreement on the topic.
The statement came during Speaking with Adam Posen, president of Peterson Institute for International Economics, on April 10 in Washington, DC, for the IMF Spring. She has highlighted crypto while talking on “Resilience of the Indian economy amidst tightening of financial conditions”.
India is the president of this year’s G20 summit, and cryptocurrency will be one of the critical agendas discussed.
Sitharaman highlighted the recent devastation and “shocking developments” in crypto. She said, “Again, India presidency (is) taking up the cause of a common framework with which all countries can deal with this matter. We are not expecting them to agree to it, but at least discuss it, the IMF and FSB’s papers”.
The second meeting of the G20 finance ministers and central bank governors in Washington from April 12 to April 14, in conjunction with the International Monetary Fund’s (IMF) Spring Meetings.
The Policy Perspectives on Crypto Assets was discussed at the First Finance Ministers & Central Bank Governors (FMCBG) meeting at Bengaluru under the G20 Indian Presidency scheduled between February 24-25, 2023.
The first meeting concluded that the International Monetary Funds and Financial Stability Board (FSB) would jointly prepare a technical paper to form a regulatory framework for crypto. The paper is expected to be submitted in September.
Prior to that, during the month of July, a paper from the Financial Stability Board (FSB) regarding the regulation of crypto assets is expected to be presented for discussion at the third gathering of finance ministers and central bank governors in Gandhinagar, Gujarat.
Currently, the G20 country’s primary focus is to implement a common regulatory framework at a global level to protect consumers.
