Nirmala Sitharaman, India's Minister of Finance, who holds the term presidency, made a press statement after the meeting of the Central Bank and Economy Ministers held at the G20 Spring meetings.
Sitharaman and the country's MB chief Shaktikanta Das identified the topic of the session as "cryptocurrencies". The Minister of Finance emphasized the necessity of global regulation and made the following statement:
"The talk about cryptocurrencies should not be limited to the regional level. Developing and developed countries are also affected by crypto. Therefore, we must establish a common policy on a global scale."
The Indian finance minister stated that the G20 members have reached a common consensus on global crypto regulation. Sitharaman continued his words by referring to a synthesis document study of the International Monetary Fund IMF on crypto:
"IMF and our country's Financial Stability Board FSB are conducting a research study on crypto money. At the end of the process, we will prepare a joint analysis by synthesizing the findings of the two sides."
Nirmala Sitharaman finally touched on the risks of an unregulated crypto industry. The Finance Minister claims that cryptocurrencies can pose a macroeconomic stability problem.
