The first G20 Finance Ministers and Central Bank Governors (FMCBG) meeting under the Indian presidency discussed key financial stability and regulatory priorities. India urged member countries to understand the macro-financial implications of crypto assets and recommended formulating a coordinated global policy.
India’s Finance Minister Nirmala Sitharaman has historically supported creating cryptocurrency regulations in collaboration with other jurisdictions, given the global reach of crypto assets. Under the Indian G20 Presidency, this narrative is now part of the mainstream debates.
During the FMCBG meeting held on February 24 and 25, G20 members discussed the potential of technological innovationswhile emphasizing balancing the associated risks. Key discussions included financial stability and regulatory prioritiespolicy approaches to advance financial inclusion and productivity gains for the G20.
Union Finance Minister Smt. @nsitharaman &shri @DasShaktikantagovernor @RBI steered #G20 discussions in 2nd session on key financial sector and #FinancialInclusion issues during the 1st #G20 #FMCBG meeting under #G20India Presidency, in Bengaluru, today. (1/6) pic.twitter.com/bRtFmrBL9x
— Ministry of Finance (@FinMinIndia) February 24, 2023
The Union Finance Minister, Smt. @nsitharaman and Shri @DasShaktikanta, Governor of @RBI led the #G20 discussions at the second session on key financial sector issues and financial inclusion during the first #G20 FMCBG meeting under the #G20India Presidency, in Bengaluru today . (1/6)
In his concluding remarks, Sitharaman welcomed the support for crypto-asset-related reforms. Specific, The finance minister called for a coordinated effort “to build and understand the macro-financial implications,” which could be used to globally reform cryptocurrency regulation..
He also thanked the International Monetary Fund for publishing a comprehensive document on the macro-financial implications of crypto assets. As a final note, Sitharaman stressed the need for coordination among the G20 nations “to support responsible technological innovations and safeguard the stability of the financial system.”.
The Cricket Board of Control in India recently published a 68-page notice calling on the Women’s Premier League to refrain from cryptocurrency-related advertising and sponsorships:
“No franchisee shall enter into a partnership or any type of association with an entity that is in any way connected/related to an entity that is involved/operates, directly or indirectly, in the cryptocurrency sector.”
This follows the ban on the men’s cricket Premier League introduced in 2022. Prior to the ban, the Indian Premier League had collaborated with at least two local cryptocurrency exchanges: CoinSwitch Kuber and CoinDCX.
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