Issues concerning crypto assets deserve quick attention, and the G20 reaction must guarantee that they do not lose any potential advantages while safeguarding economies from damage, according to Union Finance Minister Nirmala Sitharaman.
On Friday, Sitharaman participated in a brainstorming session with G20 finance ministers and central bank governors on the “Macrofinancial Implications of Crypto Assets” at the IMF’s headquarters in Washington. India presently holds the G20’s yearly rotating presidency.
Crypto-related issues have arisen as a prominent subject of conversation among G20 countries, and member governments agree on the need to regulate this industry. Global specialists on this topic were present for the brainstorming session.
Sitharaman said in her comments that the G20 recognises the efforts of the International Monetary Fund (IMF) and the Financial Stability Board (FSB) in identifying critical parts of policy and regulatory frameworks.
She also said that a synthesis work including macroeconomic and regulatory views on crypto assets is necessary.
The minister said that G20 members agreed on the need for a globally coordinated policy response to crypto assets that takes into account the whole spectrum of risks, particularly those unique to emerging markets and developing economies.