Sitharaman and Reserve Bank of India (RBI) Governor Shaktikanta Das co-chaired a meeting of finance ministers and central bank governors of G20 member countries on the sidelines of the annual meeting of the International Monetary Fund (IMF) and the World Bank.
“I am glad to say that there is a greater acceptance among all G20 members, that any action on crypto assets will have to be global,” Sitharaman said. “The G20, I think, has responded fairly with alacrity (on the crypto challenge),” she further added.
“The G20 and its members agree that it’s 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,” she said in response to a question.
Sitharaman said that there will be a discussion on the matter in September and October to decide the roadmap in dealing with cryptocurrencies. The Finance Minister further said that crypto assets, particularly those that are outside of central banks, being not backed by any sovereign asset, can cause macroeconomic instability.
