Kevin Helms
A student of Austrian economics, Kevin found Bitcoin in 2011 and has been an evangelist ever since. His interests lie in Bitcoin security, open source systems, network effects and the intersection of economics and cryptography.
G20 finance chiefs agree global policy response to crypto required – regulation Bitcoin news
The G20 finance ministers and central bank governors have agreed that crypto regulation cannot be limited to one part of the world, India’s finance minister said. “Any action on crypto assets must be global,” she stressed, adding that the G20 finance chiefs’ discussion on crypto was “very rich.”
G20 finance chiefs on crypto regulation
Indian Finance Minister Nirmala Sitharaman spoke about the G20’s discussion on crypto regulation on Thursday during a press briefing that followed the meeting of G20 finance ministers and central bank governors, held on the sidelines of the annual spring meetings of the International Monetary Fund (IMF) and the World Bank.
Sitharaman and Reserve Bank of India (RBI) Governor Shaktikanta Das chaired the meeting, where the G20 finance ministers and central bank governors discussed issues related to the oversight of cryptocurrencies, along with their related challenges.
The Indian Finance Minister said:
The discussion about crypto assets highlighted that it could not be limited to one part of the world. Its implications can affect both emerging and developed economies. Global policy responses to crypto assets are therefore required.
“I’m happy to say that there is a greater acceptance among all G20 members that any action on cryptoassets needs to be global,” Sitharaman reiterated, adding that “the G20, I think, has responded quite clearly” to the challenges consists of crypto-assets.
Responding to a question at the press conference, the Indian Finance Minister further shared, “The G20 and its members agree that it will not be possible to have an independent stand-alone country dealing with crypto-assets and that there must be a globally coordinated understanding of how to go about it rather than regulating crypto-assets.”
Referring to the work on a joint “synthesis paper” on crypto by the IMF and the Financial Stability Board (FSB), the Indian Finance Minister said:
The way we see this outcome during our presidency is that the IMF’s paper is being discussed. The FSB’s paper will also be taken up and a synthesis paper will be prepared from the IMF paper and the FSB paper both put together.
Sitharaman explained that a discussion will take place in September and October, and at the end of the day we will see a road map being prepared for how and what kind of understanding the members of the G20 have in this, and it can be forwarded on specific regulatory actions as and when The G20 is taking a call on that.”
The Indian finance chief also noted that crypto-assets could potentially cause macroeconomic instability, saying:
Today, we are able to see how countries are now recognizing that it is not just a regulatory issue for cryptoassets, where countries need to come together, but … There can be problems with macroeconomic stability itself.
In conclusion, Sitharaman said the crypto discussion among G20 members was “very rich,” adding that all G20 finance chiefs agreed that crypto oversight “must be handled globally.”
What do you think of the G20 discussion on crypto? Let us know in the comments section below.
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