The Indian Finance Minister Nirmala Sitharaman says that the G20 members recognize that any action on crypto assets will have to be global while speaking at a news conference after the second G20 Finance Ministers and Central Bank Governors (FMCBG) meeting.
Sitharam stated, “There is a greater acceptance among all G20 members that any action on crypto assets has to be global.”
According to the Indian Finance Minister, the G20 and its member countries concur that a standalone country will not be feasible to independently and autonomously deal with crypto assets.
Sitharaman added, “The way in which we are seeing this pan out during our presidency is the IMF’s paper is being discussed, FSB’s (Financial Stability Board) paper also will be taken up, and a synthesis paper will be prepared from the IMF paper and the FSB paper both put together.”
She emphasized that she did not want to pre-judge any decision and pointed out that the work carried out by the FSB and the IMF indicates that crypto assets, especially those not supported by any sovereign asset and outside the control of central banks, could potentially trigger macroeconomic instability.
Sitharaman noted: “So, today, we are in the position to see how countries are now recognizing 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 macroeconomic stability itself.”
The Indian Finance Minister stated that discussions would be held in September and October, resulting in the development of a roadmap to understand and address the regulatory aspects of crypto assets by the G20 members.
The progress achieved during the 2nd G20 FMCBG meeting will inform the discussions during the 3rd G20 FMCBG meeting set to be held in July 2023 in Gandhinagar, India. This meeting may provide more clarity on how the G20 countries want to approach the crypto regulatory aspect.
Also Read: Indian Finance Ministers Expect Discussion on Crypto In Second G20 Meeting
