The G20 has to address the problem of “Crypto Assets” right now, according to Union Finance Minister Nirmala Sitharaman, and “our reaction has to guarantee that we do not lose any potential advantages while safeguarding our economies from damage.”
Sitharaman made the comments on Friday at the International Monetary Fund (IMF) headquarters in Washington, D.C., when discussing the “Macrofinancial Implications of Crypto Assets” with G20 Finance Ministers and Central Bank Governors.
India presently holds the G20 nations’ yearly rotational chairmanship.
Crypto-related issues have been a hot topic of conversation among G20 members, and all agree that this industry has to be regulated immediately.
There were international specialists on this topic present for the brainstorming session.
According to Sitharaman, the G20 recognises the work done by the IMF and the Financial Stability Board (FSB) in identifying important components of the legal and policy framework.
In addition, she said that a synthesis work that incorporates macroeconomic and regulatory aspects on crypto assets is necessary.
Sitharaman also said that the G20 members had agreed on the need for a globally coordinated policy response on crypto assets that accounts for all potential risks, including those unique to emerging markets and developing economies.