G20 Aims To Develop Comprehensive Crypto Reforms To Mitigate Risks

Key Points:

• Indian Finance Minister Nirmala Sitharaman aims to develop a common framework for all countries to address cryptocurrency-related risks during India’s G20 presidency, which ends on November 30, 2023.
• They are working to bring together all countries to address debt distress in middle-income and low-income nations like Sri Lanka and Ghana.

Indian Finance Minister Nirmala Sitharaman recently announced that India’s G20 presidency aims to develop a common framework for all countries to deal with cryptocurrency-related risks.

During a discussion at the Peterson Institute for International Economics, she highlighted the importance of cryptocurrencies in the G20 India presidency, given recent crashes and shocks in the crypto market. With India’s G20 presidency ending on November 30, 2023, G20 countries have around seven months to formulate comprehensive crypto reforms that can be implemented across different jurisdictions. Sitharaman emphasized the need to develop a common framework for all countries to address cryptocurrency-related issues.

In addition, the finance minister said they are working to bring together all countries to address debt distress in middle-income and low-income nations like Sri Lanka and Ghana.

During the February G20 Finance Ministers and Central Bank Governors meeting, it was agreed to strengthen multilateral coordination by official bilateral and private creditors to address the deteriorating debt situation and facilitate coordinated debt treatment for debt-distressed countries. The World Bank and IMF also hold a Global Sovereign Debt roundtable. India’s G20 presidency will create discussion and sharing of information on this issue, and it will be taken forward positively.

The mounting debt vulnerabilities of developing nations could trigger a global recession and push millions into extreme poverty if left unaddressed. Under the presidency, India has been pressing for ways to tackle the aggravated debt vulnerabilities facing developing nations mainly on account of the continuing geopolitical tensions and the pandemic.

Sitharaman also said that India is carrying forward agendas of earlier G20 presidencies, bringing issues on the table that India considers necessary and making way for future G20 presidencies to build upon India’s legacy.

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