Nirmala Sitharaman said, as G20 chair, India wants a common framework to deal with crypto risk

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Washington: Finance Minister Nirmala Sitharaman, who is visiting the US, has said that under the chairmanship of the G20, India aims to create a common framework for all countries to deal with the risks associated with cryptocurrencies. Actually, there has been a lot of upheaval in the crypto market in recent times. With the collapse of crypto exchange FTX and the subsequent sell-off in the crypto market, apprehensions about the crypto ecosystem have started to deepen.

Union Finance Minister Nirmala Sitharaman said in America’s ‘Peterson Institute for International Economics’ that cryptocurrency is a very important part of the deliberations in India’s G20 presidency in view of the huge upheaval in the crypto market. We want to develop a common framework for all countries to deal with this situation.

India in an effort to reduce Sri Lanka-Ghana’s debt

Sitharaman said that the G20 group is trying to bring all countries together to reduce the debt pressure in middle and low income countries like Sri Lanka and Ghana. He said that G20 gives India an opportunity to bring all countries together to reduce the debt pressure in middle income and low income countries. Multilateral institutions are providing solutions for debt-ridden countries.

The voice of the Global South will reach the G20

Noting that the G20 presidency has been held by emerging market countries for three consecutive years, Sitharaman said that this will bring the views of emerging markets and the voice of the ‘Global South’ to the G20 forum. It is worth mentioning that in 2022 the G20 was chaired by Indonesia, in 2023 India is its chair and next year Brazil will become the chair of the G20 group.

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