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regular-article-logo Saturday, 06 July 2024

G20 to work on crypto rules

Nirmala Sitharaman urges multi-lateral funding agency to develop a globally co-ordinated approach to regulation of crypto assets

Our Special Correspondent New Delhi Published 10.02.23, 02:41 AM
Nirmala Sitharaman.

Nirmala Sitharaman. File picture

The issue of global co-operation in regulating crypto assets and debt relief will be discussed at the meeting of G20 finance officials later this month, the finance ministry said here on Thursday.

During a virtual meeting with IMF chief Kristalina Georgieva on Thursday, Union finance minister Nirmala Sitharaman urged the multi-lateral funding agency to develop a globally co-ordinated approach to the regulation of crypto assets.

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She had voiced her concerns many times earlier against the unregulated use of cryptocurrency. “No one will be able to singularly handle it,” she said last year during her visit to the US.

The Economic Survey highlighted the need for a common approach to regulating the crypto ecosystem.

Sitharaman told Georgieva that debt will be at the forefront at the G20 meet, and India will support efforts for the orderly implementation of the Common Framework.

In late 2020, the G20 launched the Common Framework — a mechanism to provide a swift and comprehensive debt overhaul to countries facing a debt burden.

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