G20 Consensus That Coordinated Approach Needed On Crypto Assets: Minister

ndtv.com:

Issues related to crypto currency and its challenges were discussed at the meet.

Members of the G20 agree that a globally coordinated understanding would be required not only to deal with the challenges posed by crypto assets but also to regulate them, Union Finance Minister Nirmala Sitharaman has said.

The grouping has responded to the issue with alacrity and during India's presidency of the G20, a "synthesis paper" will be taken up on matters related to crypto assets, the minister told a press conference here on Thursday.

"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," Nirmala Sitharaman and added that "the G20, I think, has responded fairly with alacrity (on the crypto challenge)," she said.

On the sidelines of the annual spring meeting of the International Monetary Fund (IMF) and the World Bank, Nirmala Sitharaman along with Reserve Bank of India Governor Shantikanta Das co-chaired a meeting of finance ministers and central bank governors from member countries.

Issues related to crypto currency and its challenges were discussed at the meet.

The discussion on crypto assets highlighted that it couldn't 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.- Smt @nsitharaman. (7/n)

"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.

"The way in which we are seeing this pan out during our presidency is the IMF's