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“G20 membership will take a call on crypto asset regulations,” says Nirmala Sitharaman

On September 9, 2023, Nirmala Sitharaman, Indian Finance Minister, addressed questions around the possibilities of a regulatory framework for crypto assets, at the G20 New Delhi summit, 2023. From what it’s understood, Sitharaman was also asked to speak on the policy paper for crypto activities, jointly published by International Monetary Fund (IMF) and Financial Stability Board (FSB).

According to Sitharaman, FSB has focused more on the crypto regulations, whereas IMF has emphasised on the macroeconomic implications of crypto assets. “The synthesis paper is something which the G20 membership will go through in detail. There’s one more meeting, under our presidency for the finance track, in Marrakesh,” Sitharaman added.  

Reportedly, Sitharaman highlighted that the “IMF-FSB Synthesis Paper” for crypto asset policies will be discussed in Marrakech, Morocco. “It’s for the membership to take a call as to how it wants to move on it, a framework or a template. I don’t think we have given it a name as of yet, and also to now discuss whether it’s going to be a regulation only and not a ban,” Sitharaman stated. 

It’s believed that more clarity on G20 nations’ stance over crypto regulations will be given during the 2023 Annual Meetings of the World Bank Group (WBG). The set of meetings is scheduled for October 9-15, 2023, at Marrakech. 

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