G20 to take call on crypto assets, says Nirmala Sitharaman

New Delhi, Sep 9

Amid speculations on regulation or outright banning of crypto assets, Finance Minister Nirmala Sitharaman on Saturday said that that G20 will take call on it.

“I don't want to get into the debate just now whether crypto will be regulated or banned. The G20 will take a call on that,” she said when asked about the move to deal with it.

"G20 countries have signed an agreement to collectively work to boost world bank's financing capacity. The G20 welcomed the IMF-FSB (Financial Stability Board) crypto synthesis paper, including the roadmap, that will support a coordinated and comprehensive policy and regulatory framework,” she said.

The Finance Minister was addressing a press conference along with Foreign Minister S Jaishankar and G20 Sherpa Amitabh Kant on the sidelines of the G20 summit.

She said that FSB has focussed more on the crypto regulations, whereas IMF has emphasised on the macroeconomic implications of crypto assets.

“The synthesis paper is something which the G20 membership will go through in detail. There’s one more meeting, under our presidency for the finance track, in Marrakesh,” Sitharaman said.

G20 leaders have agreed to the discussions on the adoption of Central Bank Digital Currencies (CBDCs), said the discussion paper on September 9.

"We welcome discussions on the potential macro-financial implications arising from the introduction and adoption of Central Bank Digital Currencies (CBDCs), notably on cross-border payments as well as on the international monetary and financial system," said the G20 discussion paper.

The G20 discussion paper further added that they welcome the BIS Innovation Hub (BISIH) Report on Lessons Learnt on CBDCs.

"Look forward to the IMF Report on Potential macro-financial implications of widespread adoption of CBDCs to advance the discussion on this issue," said the G20 discussion paper.