During the time that India presided over the G20, the first meeting of its kind for the group’s Finance Ministers and Central Bank Governors (FMCBG) was conducted. At this meeting, key issues pertaining to financial stability and regulatory oversight were discussed. India has urged the other member nations to acknowledge the macro-financial consequences of crypto assets and has advocated the development of a coordinated worldwide strategy. In addition, India has proposed the formation of a global strategy coordination group.
In light of the fact that cryptographic assets are traded all over the globe, Nirmala Sitharaman, India’s Finance Minister, has in the past voiced her support for the establishment of crypto regulations in collaboration with other countries. This story is now being told as part of the discussions that are being held in the mainstream while India holds the presidency of the G20.
During the 24th and 25th of February, members of the G20 gathered with the FMCBG to discuss the prospects of technological advances while placing a focus on finding a balance between the risks associated with such developments. Among the most significant subjects that were discussed during the G20 meeting were the significance of financial stability and regulatory goals, policy measures for boosting financial inclusion, and productivity increases.
Sitharaman expressed appreciation to individuals who supported efforts to modify rules pertaining to crypto assets in her closing remarks. To be more specific, the Minister of Finance asked for a concerted effort “for creating and comprehending the macro-financial ramifications,” which could be used to change crypto legislation on a global scale. Specifically, the Minister of Finance asked for a concerted effort “for creating and comprehending the macro-financial ramifications.”
She then continued by expressing her appreciation to the International Monetary Fund (IMF) for producing a thorough paper on the implications that crypto assets will have on the overall macroeconomic system. In her final comments, Sitharaman underlined the need of cooperation between the nations that are members of the G20 “to foster responsible technological breakthroughs and protect the stability of the financial system.”