Cryptocurrency In G20 member states agrees that not only tackling the challenges posed by crypto assets but also regulating them will require a globally coordinated understanding. Union Finance Minister Nirmala Sitharaman said this.
Sitharaman said at a press conference on Thursday that the group has responded promptly to the issue and that during India’s presidency of the G20(Cryptocurrency In G20), a ‘synthesis paper’ will be brought out on matters related to crypto assets that will express divergent views.
Action must be Global(Cryptocurrency In G20)
“I am pleased to report that there is a consensus among G20 members that any action on crypto assets must be global.” Co-chaired a meeting of finance ministers and central bank governors of the grouping’s member countries on the occasion 2015. In this meeting, discussions were held on cryptocurrency and its associated challenges.
Speedy disposal of cases
On debt restructuring and resolution, Sitharaman said these are urgent issues for many low and middle-income countries and the G20(Cryptocurrency In G20) agreed that these matters should be dealt with expeditiously.
Sitharaman told a press conference on Thursday that the G20 countries and several stakeholders are discussing these topics on the sidelines of the annual spring meetings of the International Monetary Fund and the World Bank in Washington to find timely solutions for debt-ridden countries. The discussions included representatives of debt-ridden countries such as Sri Lanka, Zambia, Ghana, and Ethiopia.
Multilateral coordination has to be strengthened
The Finance Minister said that the G20 countries are aware that multilateral coordination needs to be strengthened to deal with rising debt pressures and vulnerabilities in low-income and middle-income countries. He said, “When you understand that you have to do this work on time and as soon as possible, then the process also starts moving fast.
Cryptocurrency in India
I am hopeful that solutions will be found for many countries(Cryptocurrency In G20), some of which I have named, there will be some more countries that have not been named but will also get solutions soon.