New Delhi: Finance minister Nirmala Sitharaman has said that crypto assets of G20 countries need urgent attention, stressing that the response must ensure that potential gains are not lost while protecting economies from harm.
The statement came during a brainstorming session on ‘Macro-Financial Implications of Crypto Assets’ with G20 Finance Ministers and Central Bank Governors at the IMF Headquarters in Washington DC in the early hours of Saturday, according to a Finance Ministry social media post.
Sitharaman said the G20 acknowledges the work of the IMF and the Financial Stability Board in bringing forward key elements of the policy and regulatory framework. The minister said that a synthesis paper that would integrate the macroeconomic and regulatory approach to crypto assets is needed.
The Finance Minister expressed satisfaction at the consensus reached during the G20 Finance Ministers and Central Bank Governors meeting in Bengaluru, which called for a globally coordinated policy response on crypto assets. The ministry quoted Sitharaman as saying that the proposed response would take into account the full range of risks posed by crypto assets, including risks specific to emerging markets and developing economies.
Experts from financial institutions including the Financial Action Task Force (FATF) and the Bank for International Settlements (BIS) also joined the discussion.
India is waiting for a global consensus on what should be the proper regulatory framework for crypto assets in order to start its own national regulatory system for these assets.
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