G20 Nations Unified on Urgency to Regulate Crypto: Indian Minister by CoinEdition

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India’s finance minister has called for a coordinated global policy response to regulate crypto. Sitharaman made the remarks during a session with G20 finance ministers at IMF headquarters. It aims to develop a common framework for all countries to deal with crypto risks.

Indian Union Finance Minister Nirmala Sitharaman has called for immediate attention to the issues surrounding crypto assets, saying a globally coordinated policy response is needed to regulate the sector while protecting the economies of cryptocurrencies. damage.

Sitharaman made the remarks during a brainstorming session on the “macro-financial implications of crypto assets” with G20 finance ministers and central bank governors at IMF headquarters on Friday.

Global experts on the matter attended the session, and there was unanimity among member countries on the urgency of regulating the crypto industry. Sitharaman noted that the G20 recognizes the work of the International Monetary Fund (IMF) and the Financial Stability Board (FSB) to highlight key elements of the policy and regulatory framework.

A summary document is needed to incorporate the macroeconomic and regulatory outlook for crypto assets. The minister noted that there was a consensus among G20 members to have a globally coordinated policy response on crypto assets given the full spectrum of risks.

Notably, India hopes to expand the G20 discussion on crypto assets beyond financial integrity concerns and grasp the macroeconomic implications and widespread adoption of crypto in the economy.

According to a local report, global standards bodies are coordinating the regulatory agenda while working within their respective institutional mandates. It includes the FSB, the Financial Action Task Force (FATF), the Committee on Payments and Market Infrastructures (CPMI), the International Organization of Securities Commissions (IOSCO) and the Basel Committee on Banking Supervision ( BCBS),

The FSB paper on crypto asset regulation will be filed in July, and the IMF-FSB summary paper will be submitted in September. The goal is to develop a common framework for all countries to deal with cryptocurrency risks.

The post G20 Nations Unanimous on Urgency to Regulate Crypto: Indian Minister appeared first on Coin Edition.

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