Demand to enact global law on Crypto, Finance Minister Nirmala Sitharaman said – immediate attention needed, G20 countries agreed

Finance Minister Nirmala Sitharaman during a brainstorming session with G20 finance ministers and central bank governors has emphasized the need for urgent attention to issues related to crypto assets. The session titled “Macrofinancial Implications of Crypto Assets” took place at the headquarters of the International Monetary Fund (IMF) and was attended by global experts. Sitharaman represented India as the current annual chair of the G20 countries. He pointed out the importance of regulating the crypto sector while preventing damage to the economy.

The minister acknowledged the work of the IMF and the Financial Stability Board (FSB) in bringing forward key elements of the policy and regulatory framework related to crypto assets. He stressed the need for a globally coordinated policy response to crypto assets. Sitharaman told a press conference that the group has responded to the issue with urgency and that during India’s presidency of the G20, a ‘synthesis paper’ on matters related to crypto assets will be brought out that will express divergent views. “I am pleased to report that there is a consensus among G20 members that any action on crypto assets must be global.

Explain that the Government of India is working on the regulation of crypto assets and is continuously raising this demand on the international platform as well. Apart from the annual meetings of the International Monetary Fund and the World Bank in Washington, Nirmala Sitharaman has co-chaired the meeting of finance ministers and central bank governors of the member countries of the grouping with Indian Bank Governor Shaktikanta Das. This meeting talked about crypto currency and the challenges related to it.