G20 key priority for financial stability
During the first G20 Finance Ministers and Central Bank Governors (FMCBG) meeting under India’s presidency, members were invited to discuss key financial stability and regulatory priorities, among other policy approaches. India urged member countries to build and understand the macroeconomic implications of crypto-assets and recommended formulating a coordinated global policy.
India’s finance minister, Nirmala Sitharaman, has historically supported the idea of crafting crypto regulations in collaboration with other jurisdictions – given the global reach of crypto assets. Under India’s G20 presidency, this narrative is now part of mainstream discussions.
During the FMCBG meeting held on 24 and 25 February, G20 members discussed the potential of technology innovations while emphasizing balancing associated risks. Key discussions included financial stability and regulatory priorities, policy approaches to promote financial inclusion and productivity gains for the G20.
In his closing remarks, Sitharaman welcomed support for reforms related to crypto-assets. Specifically, the finance minister called for a coordinated effort “to build and understand the macroeconomic implications,” which can be used to build global crypto reforms.
She further thanked the International Monetary Fund (IMF) for releasing a comprehensive document on the macroeconomic implications of crypto-assets. Finally, Sitharaman emphasized the need for coordination among the G20 nations “to support responsible technological innovations and safeguard the stability of the financial system.”
Related: India Expands National Payments Network to Singapore: What’s Crypto?
The Board of Control for Cricket in India (BCCI) recently issued a 68-page warning asking the Women’s Premier League to desist from crypto advertising and sponsorship:
“No franchisee shall enter into a partnership or any form of association with an entity that is in any way connected/related to an entity that is involved/operating, directly or indirectly, in the cryptocurrency sector.”
This follows a ban on the men’s cricket Premier League, introduced in 2022. Before the ban, the Indian Premier League had partnered with at least two local crypto exchanges — CoinSwitch Kuber and CoinDCX.
