G20 members agree to have 'globally coordinated understanding' on regulating crypto assets, says FM Nirmala Sitharaman

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Washington: India’s Finance Minister Nirmala Sitharaman, during her visit to Washington, said that members of the G20 group of nations have agreed to chalk out an understanding to deal with the challenges posed by crypto assets and look for ways to regulate them.

Sitharaman told reporters that the group has willingly responded to the issue. A “synthesis paper” would be taken up on matters related to crypto assets during India’s G20 presidency.

“I am glad to say that there is a greater acceptance among all G20 members, that any action on crypto assets will have to be global. “the G20, I think, has responded fairly with alacrity (on the crypto challenge),” she said.

Nirmala Sitharaman and Reserve Bank of India Governor Shantikanta Das co-chaired a meeting of finance ministers and central bank governors from member countries during the annual spring meeting of the International Monetary Fund (IMF) and the World Bank.

The finance minister said, “The G20 and its members agree that it’s not going to be possible to have an independent standalone country dealing with the crypto assets and that it has to have a globally coordinated understanding of how to go about regulating crypto assets.”

“The way in which we are seeing this pan out during our presidency is the IMF’s paper is being discussed, FSB’s (Financial Stability Board) paper also will be taken up, and a synthesis paper will be prepared from the IMF paper and the FSB paper both put together,” she added.

The G20 members are expected to hold discussions in September and October to create a roadmap on “how and what kind of understanding the members of the G20 have in this, and it can be taken further forward on specific actions of regulation as and when the G20 takes a call on it,” Sitharaman said.

She further said, “So, today, we are in the position to see how countries are now recognising that it is not just a crypto asset regulatory issue, where countries will have to come together, but the IMF dealing with it has also brought in this time mention that they can be issues of macroeconomic stability itself.”

With inputs from agencies

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