Any action on crypto assets must be global: Nirmala Sitharaman
WASHINGTON: Union Finance Minister Nirmala Sitharaman Thursday said there was a greater acceptance among Group of 20 (G20) member states that any new regulations on crypto assets must be coordinated globally.
“I am happy to say that there is a greater acceptance among all G20 members, that any action on cryptoassets must be global. “The G20, I think, has responded fairly (to the crypto challenge),” Sitharaman told reporters at a press conference after a meeting in G20 finance ministers and central bank governors.
“The G20 and its members agree that it is not going to be possible to have an independent, stand-alone country handling crypto-assets,” the minister added.
Sitharaman told reporters that the group has willingly responded to the issue. A “synthesis paper” will be taken up on issues related to crypto-assets during India’s G20 presidency.
India has argued that it wants a collective global effort to deal with problems caused by cryptocurrencies like bitcoin, and the finance ministry said back in February that it had held a seminar for G20 member states to discuss how to come up with a common framework.
Earlier in February, Sitharaman had said, “We are going through the study process so that there can be informed discussion. The International Monetary Fund (IMF) and also the Financial Stability Board (FSB) have done their own little work on the crypto issue. and are moving forward on their own.” We have now asked them to do the papers and give them to us and how quickly these papers have already been given from the IMF and from the FSB that will be given in time for the July meeting. I feel that we are moving forward in this direction. So something should develop.”
She made the remarks while responding to a question about a consensus among the G20 nations on crypto assets under India’s presidency.
“By recognizing the risks associated with the private virtual assets, the G20 nations moved a step closer to developing a coordinated and comprehensive policy approach to manage crypto-assets by considering macroeconomic and regulatory perspectives,” she said.
The central government led by Prime Minister Narendra Modi has for several years discussed drafting a law to regulate or even ban cryptocurrencies, but has not taken a final decision. The Reserve Bank of India has said that cryptocurrencies should be banned as they are akin to a Ponzi scheme.
“I am happy to say that there is a greater acceptance among all G20 members, that any action on cryptoassets must be global. “The G20, I think, has responded fairly (to the crypto challenge),” Sitharaman told reporters at a press conference after a meeting in G20 finance ministers and central bank governors.
“The G20 and its members agree that it is not going to be possible to have an independent, stand-alone country handling crypto-assets,” the minister added.
Sitharaman told reporters that the group has willingly responded to the issue. A “synthesis paper” will be taken up on issues related to crypto-assets during India’s G20 presidency.
India has argued that it wants a collective global effort to deal with problems caused by cryptocurrencies like bitcoin, and the finance ministry said back in February that it had held a seminar for G20 member states to discuss how to come up with a common framework.
Earlier in February, Sitharaman had said, “We are going through the study process so that there can be informed discussion. The International Monetary Fund (IMF) and also the Financial Stability Board (FSB) have done their own little work on the crypto issue. and are moving forward on their own.” We have now asked them to do the papers and give them to us and how quickly these papers have already been given from the IMF and from the FSB that will be given in time for the July meeting. I feel that we are moving forward in this direction. So something should develop.”
She made the remarks while responding to a question about a consensus among the G20 nations on crypto assets under India’s presidency.
“By recognizing the risks associated with the private virtual assets, the G20 nations moved a step closer to developing a coordinated and comprehensive policy approach to manage crypto-assets by considering macroeconomic and regulatory perspectives,” she said.
The central government led by Prime Minister Narendra Modi has for several years discussed drafting a law to regulate or even ban cryptocurrencies, but has not taken a final decision. The Reserve Bank of India has said that cryptocurrencies should be banned as they are akin to a Ponzi scheme.
