New Delhi: Finance minister Nirmala Sitharaman has said there is a need for immediate attention to crypto assets from G20 nations, stressing that the response must ensure potential benefits are not lost while safeguarding 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, according to a finance ministry social media post early Saturday.
Sitharaman said that G20 acknowledges the work of IMF and the Financial Stability Board in bringing out key elements of policy and regulatory framework. A synthesis paper that would integrate macroeconomic and regulatory perspectives of crypto assets is required, the minister said.
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 proposed response would take into account the full range of risks posed by crypto assets, including risks specific to emerging market and developing economies, the ministry said quoting Sitharaman.
Experts from financial institutions including Financial Action Task Force (FATF) and the Bank for International Settlements (BIS) also joined the discussions.
India is waiting for a global consensus on what should be the appropriate regulatory framework for crypto assets for introducing its own national regulatory system for these assets.
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