Key G20 financial stability priority

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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.

Indian Finance Minister Nirmala Sitharaman has always supported the creation of crypto regulations in partnership with other jurisdictions, given the global reach of crypto assets. Under India’s G20 Presidency, this narrative has become part of the mainstream discussion.

Indian Finance Minister Nirmala Sitharaman at the FMCBG meeting in Bengaluru. Source: Ministry of Finance.

At the FMCBG meeting held on February 24-25, G20 members discussed the potential of technological innovations while emphasizing the balancing of associated risks. Key discussions focused on financial stability and regulatory priorities, policy approaches to advancing financial inclusion, and productivity gains for the G20.

In her closing remarks, Sitharaman welcomed support for reforms related to crypto assets. Specifically, the finance minister called for a coordinated effort “to build and understand the macro-financial implications,” which could be used to reform crypto regulation globally.

She further thanked the International Monetary Fund for publishing a comprehensive paper on the macro-financial implications of crypto assets. In conclusion, Sitharaman stressed the need for coordination among G20 countries “to support responsible technological innovations and preserve the stability of the financial system”.

Related: India is expanding its national payment network to Singapore: what’s in it for crypto?

The Board of Control for Cricket in India recently issued a 68-page notice asking the Women’s Premier League to refrain from crypto advertising and sponsorships:

“No franchisee shall enter into a partnership or any kind of association with any entity that is in any way related/related to any entity involved/operating, directly or indirectly, in the cryptocurrency industry.”

This follows a ban on men’s Premier League cricket introduced in 2022. Prior to the ban, the Indian Premier League had collaborated with at least two local crypto exchanges: CoinSwitch Kuber and CoinDCX.