Crypto Issue Requires Immediate Attention, Says Nirmala Sitharaman

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Union Finance Minister Nirmala Sitharaman has said that issues related to crypto assets require immediate attention and the response of the G20 has to ensure that they do not lose any potential benefits while protecting economies from harm, according to a PTI report.

Sitharaman was part of a brainstorming session on ‘Macrofinancial Implications of Crypto Assets’ with G20 finance ministers and central bank governors at the IMF’s headquarters. As per the report, the brainstorming session was attended by global experts on this issue. In her remarks, Sitharaman said the G20 acknowledges the work of the International Monetary Fund (IMF) and the Financial Stability Board (FSB) in bringing out key elements of policy and regulatory framework.

She also said a synthesis paper, which would integrate macroeconomic and regulatory perspectives of crypto assets, is required. The minister further noted that there was consensus among G20 members to have a globally coordinated policy response on crypto assets that takes into consideration the full range of risks, including those specific to emerging markets and developing economies.

Last week, Sitharaman had also explained that India’s G20 presidency aims to develop a common framework for all countries to deal with risks associated with cryptocurrencies in the wake of the recent shocks witnessed in the crypto market. She had also added that India is carrying forward agendas of earlier G20 presidencies, bringing issues on table that India considers important and also making way for the future G20 presidencies to build upon the legacy of G20 India Presidency.

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