G20 finance ministers and central bank governors have agreed that cryptocurrency regulation needs to be addressed on a global level, according to India’s finance minister. She noted that the discussion on crypto was “very substantive” and that all G20 members had come to an agreement that crypto oversight “has got to be globally handled.”
G20 Finance Ministers Agree Global Crypto Regulation Is Necessary
Nirmala Sitharaman, India’s finance minister, spoke about the G20’s discussion on crypto regulation Thursday during a press briefing that followed the G20 finance ministers and central bank governors meeting. The meeting was 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 co-chaired the meeting.
The Indian finance minister explained that the G20 members agreed that it “is not going to be possible to have an independent standalone country dealing with the crypto assets and that it has to have a globally coordinated understanding on how to go about regulating crypto assets.”
Sitharaman further noted that the G20 finance chiefs had agreed that crypto oversight “has got to be globally handled.” Referring to the work on a joint “synthesis paper” on crypto by the IMF and the Financial Stability Board (FSB), she said:
The way in which we are seeing this pan out during our presidency is the IMF’s paper is being discussed. FSB’s paper also will be taken up, and a synthesis paper will be prepared from the IMF paper and the FSB paper both put together.
The Indian finance minister added that a discussion will take place in September and October and at the “end of the day, we will see a roadmap being readied on how and what kind of understanding the members of the G20 have in this, and it can be taken further forward on specific actions of regulation as and when the G20 takes a call on it.”

The Indian finance chief also observed that crypto assets have the potential to cause macroeconomic instability, stressing that “today, we are in the position to see how countries are now recognizing that it is not just a crypto asset regulatory issue, where countries will have to come together, but … There can be issues of macroeconomic stability itself.”
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