G20 Conducts Crypto Regulatory Review After Crisis

Key Points:

• At the meetings, G20 leaders will address critical issues affecting the global economy, financial system, and international relations.
• Indian Finance Minister Nirmala Sitharaman said that cryptocurrency is an essential topic of discussion during India’s G20 chairmanship.
• The remarks come ahead of the G20 finance ministers and central bank governors’ second meeting in Washington.

After the recent shocks in the cryptocurrency market, India Finance Minister Nirmala Sitharaman said that India’s G20 presidency wants to build a standard framework for all governments to deal with issues associated with cryptocurrencies.

India anticipates talks on cryptocurrency at G20 meetings under its chairmanship, if not a final agreement. On April 10 in Washington, DC, the minister spoke with Adam Posen, head of the Peterson Institute for International Economics, and stated the crypto world had witnessed numerous failures and surprising discoveries.

“Again, India presidency (is) taking up the cause of a common framework with which all countries can deal with this matter. We are not expecting them to agree to it, but at least discuss it, the IMF and FSB’s papers,” Sitharaman said.

Sitharaman reiterates that India’s G20 leadership intends to build a uniform framework for all nations to deal with cryptocurrency hazards.

Earlier this month, Sitharaman said that India is in talks with other G20 countries to develop a unified legal framework for cryptocurrency legislation.

“Cryptocurrencies are a very important part of the discussion under the G20 India presidency, given so many collapses and shocks in cryptocurrencies. We seek to develop a common framework for all countries to deal with this matter,” Sitharaman said at a discussion in the Peterson Institute for International Economics.

The remarks came ahead of the G20 finance ministers and central bank governors’ second meeting, which will take place in Washington from April 12 to 14, after the International Monetary Fund’s (IMF) Spring Meetings.

The Finance Minister will meet with US Treasury Secretary Janet Yellen on Tuesday to discuss subjects of common interest.

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Harold

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