Crypto Assets Need Urgent Attention: Nirmala Sitharaman

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New Delhi: Finance Minister Nirmala Sitharaman said there is a need for immediate attention to crypto assets from G20 countries, stressing that the response must ensure that potential benefits are not lost while protecting the damage savings.

New Delhi: Finance Minister Nirmala Sitharaman said there is a need for immediate attention to crypto assets from G20 countries, stressing that the response must ensure that potential benefits are not lost while protecting the damage savings.

The statement came during a brainstorming session on the “macro-financial implications of crypto assets” with G20 finance ministers and central bank governors at IMF headquarters in Washington DC, according to a social media post on Saturday. by the Ministry of Finance.

The statement came during a brainstorming session on the “macro-financial implications of crypto assets” with G20 finance ministers and central bank governors at IMF headquarters in Washington DC, according to a social media post on Saturday. by the Ministry of Finance.

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Sitharaman said the G20 recognizes the work of the IMF and the Financial Stability Board to highlight key elements of the policy and regulatory framework. A summary document that would incorporate the macroeconomic and regulatory outlook for crypto assets is needed, the minister said.

The finance minister expressed satisfaction with the consensus reached at the G20 finance ministers and central bank governors meeting in Bengaluru, which called for a globally coordinated policy response on crypto assets. The proposed response would take into account the full range of risks posed by crypto assets, including risks specific to emerging markets and developing economies, the ministry quoted Sitharaman as saying.

Experts from financial institutions, including the Financial Action Task Force (FATF) and the Bank for International Settlements (BIS), also joined the discussions.

India is waiting for a global consensus on what should be the appropriate regulatory framework for crypto assets in order to introduce its own national regulatory system for these assets.

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