Feb 26, 2023
G20 Discusses Crypto Assets Under India’s Presidency
The G20 Finance Ministers and Central Bank Governors (FMCBG) meeting, under India’s presidency, discussed key financial stability and regulatory priorities. India urged member nations to understand the macro-financial implications of crypto assets and recommended formulating a coordinated global policy.
During the FMCBG meeting held on Feb. 24–25, India’s Finance Minister Nirmala Sitharaman welcomed the support for reforms related to crypto assets. She called for a coordinated effort “for building and understanding the macro-financial implications,” which could be used to globally reform crypto regulation. Sitharaman also thanked the International Monetary Fund for releasing a comprehensive paper on the macro-financial implications of crypto assets.
The Board of Control for Cricket in India (BCCI) recently released a 68-page advisory asking the Women’s Premier League to refrain from crypto advertising and sponsorships. This follows a men’s cricket Premier League ban introduced in 2022. Before the ban, the Indian Premier League had collaborated with at least two local crypto exchanges: CoinSwitch Kuber and CoinDCX.
The crypto space is rapidly gaining traction and has become a hot topic of discussion among G20 members. With the increasing popularity of crypto, it is important to understand the implications of crypto assets and to create a coordinated global policy to ensure financial stability.
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At the end of the day, it is important to understand the macro-financial implications of crypto assets and to create a coordinated global policy that supports responsible technological innovations and safeguards the stability of the financial system. The G20 Finance Ministers and Central Bank Governors meeting was a step in the right direction, and we look forward to seeing the results of this discussion.
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