India's finance minister updates on implementation of G20's crypto regulation roadmap

The IMF, FSB, and FATF have been entrusted to provide regular updates to the G20 on the progress and implementation of the 'roadmap on Crypto Assets'

By Shashank Bhardwaj

2 min read

Published: Nov 24, 2023 04:52:36 PM IST

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Finance Minister Nirmala Sitharaman; Image: Sanjeev Verma/Hindustan Times via Getty Images

During a press briefing after the virtual G20 leaders’ summit on November 22, India’s finance minister, Nirmala Sitharaman, provided an update on the implementation of the ‘G20 roadmap on Crypto Assets’.

The finance minister emphasised that the G20 has formally adopted the crypto regulation roadmap, which outlines a framework for addressing the associated risks and opportunities of crypto assets.

She added that there is yet to be a timeline for countries to implement the roadmap, but the presidency of Brazil will provide more clarity. “The G20 has formally adopted the road map but the Indian Presidency is also going to be working with the Brazilian Presidency,” she said.

The International Monetary Fund (IMF), the Financial Stability Board (FSB), and the Financial Action Task Force (FATF) have been entrusted with providing regular updates to the G20 member nations on the progress and implementation of the ‘roadmap on Crypto Assets’.

She informed that not just the G20 countries but other countries, especially FSB members, “will all have to be contacted by FSB, G20, and others to see that an effective mechanism is placed in each of the countries so that nowhere there is a loophole in controlling the crypto assets”.

As informed by Sitharamn, the G20 summit made it clear that “countries can go ahead with the road map and have their own templates to deal with the crypto risks.”

Regarding the timeline for India’s regulatory actions, Sitharaman expressed that it is still in the early stages.

She said, “When we move to the Brazilian presidency, given the momentum that the crypto assets issue has picked up in G20, if there is anything emerging we will know at that time. At the moment, the content of the roadmap is what is before us to act on.”

Four more agendas within the G20 finance track were discussed at the summit, including Multilateral Development Banks (MDB) reforms, Digital Public Infrastructure, Climate Finance, and Financing of Cities of Tomorrow.

For all these agendas, as reflected in the Delhi declaration, there was keenness in the G20 summit to take it forward to the next presidency.

The upcoming Brazil presidency will provide updates on all these agendas. As such, the G20 nations will address future global economic challenges through their combined efforts.

The writer is the founder at yMedia. He ventured into crypto in 2013 and is an ETH maximalist. Twitter: @bhardwajshash