Nirmala Sitharaman, the Minister of Finance for the Union of India, has stated that issues relating to cryptocurrency assets require immediate attention, and the response of the G20 must ensure that they do not lose any potential benefits while protecting economies from harm. On Friday, Sitharaman met at the headquarters of the International Monetary Fund (IMF) with other G20 finance ministers and central bank governors to discuss the “Macrofinancial Implications of Crypto Assets.” The presidency of the G20 changes hands on a yearly basis; this year, India is in charge. Sitharaman made note of the significance of the International Monetary Fund and the Financial Stability Board in the process of laying the groundwork for the policy and regulatory framework of the G20. She also mentioned the need for a synthesis paper that takes into consideration crypto assets from both a macroeconomic and regulatory point of view. Sitharaman made the announcement earlier this week that India’s G20 Presidency wants to develop a common framework for all countries to deal with the risks associated with cryptocurrencies. This statement comes in light of the recent shocks that have been seen on the cryptocurrency market.

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