During the first G20 Finance Ministers and Central Bank Governors (FMCBG) meeting under India’s presidency, members were invited to discuss financial stability and key regulatory priorities, among other policy approaches. India urged the member countries to build and understand the macro-financial implications of crypto assets and recommended to formulate a coordinated global policy.
India’s Finance Minister, Nirmala Sitharaman, has supported the idea of creating crypto regulations in partnership with other jurisdictions – given the global reach of crypto assets. Under India’s G20 Presidency, this narrative is now part of the mainstream discussion.
During the FMCBG meeting held on February 24 and 25, G20 members discussed the potential of technological innovation while emphasizing the associated risks. Key discussions include financial stability and regulatory priorities, policy approaches to promote financial inclusion and productivity gains for the G20.
Union Finance Minister Smt. @nsitharaman & Mr @DasShaktikantaGovernor @RBI steering #G20 discussion in the 2nd session on the key financial sector and #Financial Inclusion problem during the 1st #G20 #FMCBG the meeting #G20India Presidency, in Bengaluru, today. (1/6) pic.twitter.com/bRtFmrBL9x
— Ministry of Finance (@FinMinIndia) February 24, 2023
In his closing speech, Sitharaman welcomed his support for reforms related to crypto assets. Specifically, the finance minister called for a coordinated effort “to build and understand macro-financial implications,” which can be used to build global crypto reforms.
He further thanked the International Monetary Fund (IMF) for releasing a comprehensive paper on the macro-financial implications of crypto assets. On a final note, Sitharaman emphasized the need for coordination among G20 countries “to support responsible technological innovation and maintain the stability of the financial system.”
related: India expands national payments network to Singapore: What’s in it for crypto?
The Board of Control for Cricket in India (BCCI) recently issued a 68-page advisory asking the Women’s Premier League to refrain from crypto advertising and sponsorship:
“No franchisee shall enter into any partnership or association with any entity related to any entity participating/operating, directly or indirectly, in the cryptocurrency sector.”
This follows a ban on the men’s cricket Premier League, which begins in 2022. Before the ban, the Indian Premier League has partnered with at least two local crypto exchanges – Kuber’s CoinSwitch and CoinDCX.