{"id":19905,"date":"2023-04-16T05:59:47","date_gmt":"2023-04-16T05:59:47","guid":{"rendered":"https:\/\/crowdfundjunction.com\/blog\/g20-finance-chiefs-agree-global-policy-responses-to-crypto-are-required-regulation-bitcoin-news\/"},"modified":"2023-04-16T05:59:47","modified_gmt":"2023-04-16T05:59:47","slug":"g20-finance-chiefs-agree-global-policy-responses-to-crypto-are-required-regulation-bitcoin-news","status":"publish","type":"post","link":"https:\/\/crowdfundjunction.com\/blog\/g20-finance-chiefs-agree-global-policy-responses-to-crypto-are-required-regulation-bitcoin-news\/","title":{"rendered":"G20 Finance Chiefs Agree Global Policy Responses to Crypto Are Required \u2013 Regulation Bitcoin News"},"content":{"rendered":"

(Originally posted on : Bitcoin News )<\/b>
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The G20 finance ministers and central bank governors have agreed that crypto regulation cannot be confined to one part of the world, said India\u2019s finance minister. \u201cAny action on crypto assets will have to be global,\u201d she stressed, adding that the G20 finance chiefs\u2019 discussion on crypto was \u201cvery substantive.\u201d<\/strong><\/p>\n

G20 Finance Chiefs on Crypto Regulation<\/h2>\n

Indian Finance Minister Nirmala Sitharaman spoke about the G20\u2019s discussion on crypto regulation Thursday during a press briefing that followed the G20 finance ministers and central bank governors meeting, held on the sidelines of the annual Spring Meetings<\/a> of the International Monetary Fund (IMF) and the World Bank.<\/p>\n

Sitharaman and Reserve Bank of India (RBI) Governor Shaktikanta Das co-chaired the meeting, during which the G20 finance ministers and central bank governors discussed matters pertaining to the oversight of cryptocurrencies, along with their related challenges.<\/p>\n

The Indian finance minister said:<\/p>\n

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The discussion on crypto assets highlighted that it couldn\u2019t be confined to one part of the world. Its implications can impact both emerging & developed economies. Thus, global policy responses to crypto-assets are required.<\/p>\n<\/blockquote>\n

\"G20
Press briefing after the second G20 finance ministers and central bank governors meeting. Source: India\u2019s Ministry of Finance.<\/figcaption><\/figure>\n

\u201cI 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,\u201d Sitharaman reiterated, adding that \u201cthe G20, I think, has responded fairly with alacrity\u201d on the challenges posed by crypto assets.<\/p>\n

Responding to a question at the press briefing, the Indian finance minister further shared: \u201cThe G20 and its members agree that it\u2019s 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.\u201d<\/p>\n

Referring to the work on a joint \u201csynthesis paper<\/a>\u201d on crypto by the IMF and the Financial Stability Board (FSB), the Indian finance minister said:<\/p>\n

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The way in which we are seeing this pan out during our presidency is the IMF\u2019s paper is being discussed. FSB\u2019s paper also will be taken up, and a synthesis paper will be prepared from the IMF paper and the FSB paper both put together.<\/p>\n<\/blockquote>\n

Sitharaman explained that a discussion will take place in September and October and at the \u201cend of the day, we will see a roadmap being readied on how and what kind of understanding the members of the G20 have in this, and it can be taken further forward on specific actions of regulation as and when the G20 takes a call on it.\u201d<\/p>\n

The Indian finance chief also noted that crypto assets can potentially cause macroeconomic instability, stating:<\/p>\n

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Today, we are in the position to see how countries are now recognizing that it is not just a crypto asset regulatory issue, where countries will have to come together, but \u2026 There can be issues of macroeconomic stability itself.<\/p>\n<\/blockquote>\n

In conclusion, Sitharaman said the crypto discussion among the G20 members was \u201cvery substantive,\u201d adding that all of the G20 finance chiefs came to an agreement that crypto oversight \u201chas got to be globally handled.\u201d<\/p>\n

What do you think about the G20 discussion on crypto? Let us know in the comments section below.<\/strong><\/em><\/p>\n

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\nKevin Helms <\/h6>\n

\nA student of Austrian Economics, Kevin found Bitcoin in 2011 and has been an evangelist ever since. His interests lie in Bitcoin security, open-source systems, network effects and the intersection between economics and cryptography.

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Image Credits<\/b>: Shutterstock, Pixabay, Wiki Commons, lev radin<\/em><\/p>\n

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