G20 Wants to Build Political Consensus on Crypto Assets

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BENGALURU, Dec 14 (Reuters) – The Group of 20 (G20) countries are working to build policy consensus on crypto assets to inform better global regulation, India’s Federal Secretary for Economic Affairs said on Wednesday. Ajay Seth.

India, which currently holds the G20 presidency, is hosting the first meeting of the Finance and Central Banking MPs Group from December 13-15 in Bangalore.

The implications of crypto assets for the economy, monetary policy and the banking sector should be studied to inform this consensus, Seth said during a press conference on the second day of the forum.

“Regulation should flow from the policy vision adopted. In fact, one of the priorities that has been put on the table is to help countries build consensus for a policy approach to crypto assets,” he said. declared.

The talks come after the collapse of cryptocurrency exchange FTX, which led to calls for better oversight of crypto markets.

FTX, its hedge fund Alameda Research and dozens of affiliates filed for bankruptcy in the United States last month after the trading platform suffered a wave of withdrawals and a bailout deal fell through.

Discussions in Bengaluru also focused on managing global debt vulnerabilities, financing climate action and the Sustainable Development Goals, strengthening multilateral development banks, among others.

India, the world’s third largest economy and second most populous nation, assumed the G20 presidency for the first time earlier this month, taking over from Indonesia.

The grouping includes 19 countries and the European Union, and altogether accounts for around 85% of global GDP.

Reporting by Shivangi Acharya Editing by Raissa Kasolowsky

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