- On the fringes of the G20 meeting, Sitharaman held a news conference.
- This comes following PM Narendra Modi’s recent appeal for a worldwide crypto framework.
Nirmala Sitharaman, Finance Minister of India, said on September 9 that a worldwide framework to govern crypto assets will be established under the country’s G20 presidency, with support from the IMF and the FSB. Today she announced that the G20 would decide whether or not to regulate or outright prohibit crypto assets.
The Finance Minister stated:
“I don’t want to get into the debate just now whether crypto will be regulated or banned. The G20 will take a call on that.”
Banking on Synthesis Paper
On the fringes of the G20 meeting, Sitharaman held a news conference with the Foreign Minister S. Jaishankar and the G20 Sherpa Amitabh Kant. It was also noted in the G20 discussion document that the BIS Innovation Hub (BISIH) Report on Lessons Learned on CBDCs is appreciated.
Sitharaman further added:
“G20 countries have signed an agreement to collectively work to boost world bank’s financing capacity. The G20 welcomed the IMF-FSB (Financial Stability Board) crypto synthesis paper, including the roadmap, that will support a coordinated and comprehensive policy and regulatory framework.”
According to her, the International Monetary Fund has put greater attention on the macroeconomic consequences of crypto assets, while the Financial Stability Board has prioritized crypto rules. This comes following Prime Minister Narendra Modi’s recent appeal for a worldwide framework to regulate cryptocurrencies during his presentation at the B20 Summit India 2023.
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