Crypto issue requires immediate attention, says FM Sitharaman

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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, Union Finance Minister Nirmala Sitharaman has said.

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 here on Friday. India currently holds the rotating annual presidency of G20 countries.

Issues related to crypto have emerged as a major point of discussion among G20 countries and there is unanimity among member nations about the urgency to regulate this sector. 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 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.