During India’s time chairing the G20, the first meeting of its kind for Finance Ministers and Central Bank Governors (FMCBG) of the group was held. Key issues related to financial stability and regulatory supervision were discussed at this meeting. India has urged other member countries to recognize the macro-financial consequences of crypto assets and has advocated for the development of a coordinated global strategy. In addition, India has proposed the formation of a global strategy coordination group.

In view of the fact that crypto assets are traded all over the world, Nirmala Sitharaman, India’s finance minister, has in the past expressed her support for establishing crypto regulations in collaboration with other countries. This story is now being told as part of the mainstream discussions going on as India holds the G20 presidency.

On February 24-25, G20 members met with the FMCBG to discuss the prospects for technological advances while focusing on finding a balance between the risks associated with such developments. Among the most important issues discussed during the G20 meeting were the importance of financial stability and regulatory objectives, policy measures to boost financial inclusion, and productivity gains.

Sitharaman expressed his thanks to the people who supported the efforts to change the rules related to crypto assets in his closing remarks. To be more specific, the Finance Minister called for a concerted effort “to create and understand the macro-financial ramifications,” which could be used to change crypto legislation on a global scale. Specifically, the Finance Minister called for a concerted effort “to create and understand the macro-financial ramifications.”

He then went on to express his gratitude to the International Monetary Fund (IMF) for producing a comprehensive article on the implications that crypto assets will have on the broader macroeconomic system. In his closing remarks, Sitharaman stressed the need for cooperation among G20 member nations “to foster responsible technological advances and protect the stability of the financial system.”