Indian Presidency at G20 lays foundation for global crypto policy: Finance Minister

She affirmed that the G20 will continue discussions on policy issues related to the common framework and periodically provide appropriate recommendations.

Published: 10th September 2023 09:57 AM  |   Last Updated: 10th September 2023 09:57 AM   |  A+A-

Union Finance Minister Nirmala Sitharaman speaking at National CA Conference | DEBADATTA MALLICK

Union Finance Minister Nirmala Sitharaman | DEBADATTA MALLICK

Express News Service

NEW DELHI: Finance Minister Nirmala Sitharaman on Saturday said the Indian Presidency has successfully set the stage for a globally coordinated policy and regulatory framework for crypto assets. Sitharaman, in a statement made at the G20 summit, highlighted the emergence of a global push for clearer policies regarding crypto assets under India’s leadership, indicating that a global consensus on the matter is taking shape.

“Indian Presidency will support the International Monetary Fund (IMF) and the Financial Stability Board (FSB) to set up the contours of a regulatory framework for a globally coordinated approach to crypto assets,” Sitharaman stated. She underscored India’s contribution to the G20 financial inclusion agenda through the development of three essential digital public infrastructures (DPIs) within the India stack: digital identity, real-time fast payment systems, and a platform for secure data sharing that upholds privacy.

The minister stated that the recommendations encompass five aspects of DPIs, including their use in promoting financial inclusion, fostering well-designed DPIs, addressing regulatory and supervisory aspects, establishing institutional and governmental arrangements, and ensuring customer protection. The DPIs, integrated into the G20 financial inclusion action plan, will be implemented between 2024 and 2026.

Furthermore, Sitharaman announced that G20 leaders have reached a consensus on debt resolution for nations, both under and outside the common framework. She affirmed that the G20 will continue discussions on policy issues related to the common framework and periodically provide appropriate recommendations.

Addressing concerns about inflation, she clarified that India’s inflation is primarily influenced by monsoon patterns and supply-side issues, rather than the ongoing conflict between Russia and Ukraine. She acknowledged that countries reliant on Russia and Ukraine for grains might be affected, but India’s grain imports are not significantly dependent on these two nations, except for sunflower oil. Therefore, any impact on domestic inflation is expected to be minimal.

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