New Delhi: Union Finance Minister Nirmala Sitharaman has said that ‘Crypto Assets’ is an issue that needs the immediate attention of the G20 and “our response will be to ensure that we do not contain any potential damage to our economies”. Don’t lose the profit”.
Sitharaman made the remarks during a brainstorming session on “Macrofinancial Implications of Crypto Assets” with G20 finance ministers and central bank governors at the International Monetary Fund (IMF) headquarters in Washington DC on Friday.
India currently holds the rotating annual presidency of the G20 countries.
Crypto-related issues have emerged as a major point of discussion among the G20 countries and there is no unanimity among member states regarding the urgency of regulating the sector.
Global experts participated in the brainstorming session on the issue.
Sitharaman said the G20 acknowledges the work of the IMF and the Financial Stability Board (FSB) in bringing forward key elements of the policy and regulatory framework.
He also said that there is a need for a synthesis paper, which would integrate the macroeconomic and regulatory perspectives of crypto assets.
Sitharaman also said that there was a consensus among G20 members for a globally coordinated policy response on crypto assets that takes into account the full range of risks, including those specific to emerging markets and developing economies.