Union Finance Minister nirmala sitharaman It was said on Tuesday that various issues related to cryptocurrencies were discussed G-20 The meeting here and India’s inputs will be instrumental in formulating a comprehensive global policy for new age properties.
He made the remarks while addressing the media at the Mahatma Mandir convention center in Gujarat after the conclusion of the third meeting of the G20 Finance Ministers and Central Bank Governors (FMCBG) under India’s chairmanship of the Inter-Governmental Forum.
“Members welcomed the high-level recommendation of the Financial Stability Board (FSB) on crypto asset activities. Members also discussed the Presidency note prepared by India, and noted that it would be an important input towards prioritizing areas of work needed to achieve the goal of a comprehensive, harmonized and coordinated global policy and regulatory framework. Many members commended India for raising this issue,” she said.
While the preparation of the ‘Synthesis Paper’ is underway, India has submitted a ‘Presidency Note’ to the G20 membership giving important inputs for the roadmap. crypto assets said in an official release.
It added that the roadmap included in the synthesis paper will support a coordinated and comprehensive policy and regulatory framework taking into account the full range of risks related to crypto assets.
“Now that the discussion on cryptocurrencies is getting wider, there is a consensus that there is a need for a global understanding to regulate crypto assets and (their) impact on emerging markets and developing economies. There are also smaller countries that are under the influence of unregulated crypto assets,” the finance minister said when asked about India’s stand on this.
When asked how crypto will be regulated under FSB rules, he said that the synthesis report will be prepared jointly International Monetary Fund (IMF) and FSB are expected to arrive and then “discuss the information we provided in the President’s note. Can’t speculate now. We’ll have to wait until the next summit.” reserve Bank of India RBI Governor Shaktikanta Das, who accompanied Sitharaman at the press conference, said that the initial enthusiasm towards cryptocurrencies is waning in many countries.
“There was initial enthusiasm across countries regarding crypto. But, during the last one year, some major crypto exchanges failed and investors lost their money. Now the enthusiasm is over. Everyone has realized that the huge risk That’s why Das said, “there is (currently) a lot of caution and concern about cryptocurrencies.”
Sitharaman said that all participating G20 members appreciated India’s efforts in building and using Digital Public Infrastructure (DPI).
“The Indian President has brought the Digital Public Infrastructure (DPI) agenda to the G20 discussions. Members acknowledged the transformative role of DPI in rapidly advancing financial inclusion and productivity gains. Ministers and Governors appreciated India’s pioneering efforts in leveraging DPI to accelerate financial inclusion till the last mile,” the Finance Minister said.
He said that managing global debt vulnerabilities is an important priority area in 2023 and the Indian President sought to voice the concerns of the Global South (referring to developing countries located mostly in the Southern Hemisphere) during these G20 meetings.
“G20 members have actively discussed how to strengthen multilateral coordination to effectively address the worsening debt situation and facilitate coordinated debt treatment for debt-stressed countries,” he added.
Asked whether there was any discussion on Russia’s decision to end its participation in the Black Sea grain export deal, the finance minister said, “Many members condemned it (Moscow’s move) and said it should not have happened. It should not have been suspended.” In particular, the deal, signed in July to ease the global food crisis, was aimed at providing safe passage for Ukrainian grain blocked due to the ongoing Russia-Ukraine war.
Asked whether India has seen any progress on China’s stand on debt restructuring, he replied in the affirmative.
Sitharaman said, “Well, it looked encouraging today.”
When asked how optimistic India is about China’s inclusion as part of the Common Debt Resolution Framework, the Finance Minister replied, “I am hopeful”.
Notably, the two-day FMCBG meeting concluded with a G20 Chairs Summary and Outcome document consisting of 26 paragraphs and two annexes. The Chair Summary reflects the deliberations held during the meeting and the broad support received by the Indian G20 Presidency for the various deliverables envisaged for 2023, a release said.
Asked why a presidential summary was issued at the end of the meeting instead of a communiqué, Sitharaman said the members did not have the authority to change the “language on the Russia-Ukraine war”, which was in the statement issued later. . The G20 summit was held last year in Bali, Indonesia.
“The chairman’s statement has been issued (instead of a communiqué) because we still do not have a common language on the Russia-Ukraine war. And our position since February has been that we receive statements from Bali, the leaders’ statement who reached that peak,” he said.
“And the Bengaluru statement was a feed back of that. We do not have the authority to change the language given at the Bali summit. So it should be left to the leaders to decide on this during their summit in September. Before that,” he said, “we don’t think it is right for us to change it.”
The first meeting of the G20 Finance Ministers and Central Bank Governors was held in Bengaluru in February this year.
The G20, or Group of 20, is an intergovernmental forum of the world’s major developed and developing economies. Presently it is chaired by India.
The group includes Argentina, Australia, Brazil, Canada, China, France, Germany, India, Indonesia, Italy, Japan, South Korea, Mexico, Russia, Saudi Arabia, South Africa, Turkey, the UK, the US and the European Union. (European Union).