The crypto issue requires immediate attention, says FM. Sitharaman
Nirmala Sitharaman, the finance minister, emphasized that crypto assets are a problem that the G20 must address right away. The response must ensure that they do not lose any potential benefits and protect economies from harm.
Ankush Pandey
According to Union Finance Minister Nirmala Sitharaman, issues related to crypto assets require immediate attention, and the G20's response must protect economies from harm while preserving any potential benefits.
At the IMF's headquarters here on Friday, Sitharaman participated in a brainstorming session with G20 finance ministers and central bank governors on "Macrofinancial Implications of Crypto Assets." India as of now holds the alternating yearly administration of G20 nations.
Cryptocurrency-related issues have emerged as a major topic of discussion among G20 nations, and all members agree that this sector needs to be regulated immediately. Global experts in this field attended the brainstorming session.
In her remarks, Sitharaman stated that the G20 recognizes the contributions made by the Financial Stability Board (FSB) and the International Monetary Fund (IMF) to the development of essential policy and regulatory framework components.
Additionally, she stated that a synthesis paper incorporating regulatory and macroeconomic perspectives on crypto assets is required.
The minister mentioned that the members of the G20 agreed that there should be a coordinated global policy response to crypto assets that takes into account all of the risks, including those that are unique to developing economies and emerging markets.
