The G20 finance ministers and central bank governors have agreed that crypto rule can not be confined to one slice of the world, told India’s finance minister. “ Any action on crypto assets will have to be global, ” she stressed, adding that the G20 finance chiefs ’ talk on crypto was “ very substantive. ”
G20 Finance Chiefs on Crypto Regulation
Indian Finance Minister Nirmala Sitharaman said about the G20’s talk on crypto regulation Thursday during a press briefing that followed the G20 finance ministers and central bank governor's convocation, held on the sidelines of the yearly Spring Meetings of the International Monetary Fund (IMF) and the World Bank.
Sitharaman and Reserve Bank of India (RBI) Governor Shaktikanta Dasco-chaired the convocation, during which the G20 finance ministers and central bank governors discussed topics pertaining to the oversight of cryptocurrencies, along with their related challenges.
The Indian finance minister told:
The discussion on crypto assets highlighted that it couldn’t be confined to one part of the world. Its implications can impact both emerging & developed economies. Thus, global policy responses to crypto-assets are required.
“ I'm glad to say that there's a greater acceptance among all G20 members that any act on crypto assets will have to be global, ” Sitharaman reiterated, adding that “ the G20, I suppose, has responded fairly with amenability ” on the challenges posed by crypto assets.
Responding to a question at the press briefing, the Indian finance minister shared “ 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. ”
Referring to the work on a collaborative “ synthesis paper ” on crypto by the IMF and the Financial Stability Board (FSB), the Indian finance minister spoke:
The way in which we are seeing this pan out during our presidency is the IMF’s paper is being discussed. FSB’s paper also will be taken up, and a synthesis paper will be prepared from the IMF paper and the FSB paper both put together.
Sitharaman simplified that a discussion will take place in September and October and at the “ end of the day, we will see a roadmap being readied on how and what kind of understanding the members of the G20 have in this, and it can be held beyond forward on especial actions of regulation as and when the G20 takes a note on it. ”
The Indian finance chief similarly remarked that crypto assets can potentially result in macroeconomic instability, stating:
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 … There can be issues of macroeconomic stability itself.
In conclusion, Sitharaman told the crypto discussion among the G20 members was “ very substantive, ” adding that all of the G20 finance chiefs came to an agreement that crypto oversight “ has learned to be globally treated. ”
(Kevin Helms, Bitcoin.com, 2023)