The first G20 Finance Ministers and Central Bank Governors (FMCBG) meeting under India’s presidency discussed key financial stability and regulatory priorities. India urged member nations to understand the macro-financial implications of crypto assets and recommended formulating a coordinated global policy.
India’s Finance Minister, Nirmala Sitharaman, has historically supported creating crypto regulations in partnership with other jurisdictions — given the global reach of crypto assets. Under India’s G20 Presidency, this narrative is now a part of mainstream discussions.
India’s Finance Minister Nirmala Sitharaman during FMCBG meeting in Bengaluru. Source: Ministry of Finance.
During the FMCBG meeting held on Feb. 24-25, G20 members discussed the potential of technology innovations while emphasizing balancing associated risks. Key discussions included financial stability and regulatory priorities, policy approaches for advancing financial inclusion and productivity gains for the G20.
Union Finance Minister Smt. @nsitharaman & Shri @DasShaktikantaGovernor @RBI steered #G20 discussions in 2nd session on key financial sector and #FinancialInclusion issues during the 1st #G20 #FMCBG meeting under #G20India Presidency, in Bengaluru, today. (1/6) pic.twitter.com/bRtFmrBL9x
— Ministry of Finance (@FinMinIndia) February 24, 2023
In her closing remarks, Sitharaman welcomed support for reforms related to crypto assets. Specifically, the finance minister called for a coordinated effort “for building and understanding the macro-financial implications,” which could be used to globally reform crypto regulation.
She further thanked the International Monetary Fund for releasing a comprehensive paper on the macro-financial implications of crypto assets. On an end note, Sitharaman underlined the need for coordination among the G20 nations “to support responsible technological innovations and safeguard the stability of the financial system.”
Related: India expands national payment network to Singapore: What’s in it for crypto?
The Board of Control for Cricket in India recently released a 68-page advisory asking the Women’s Premier League to refrain from crypto advertising and sponsorships:
“No franchisee shall undertake a partnership or any kind of association with an entity that is in any way connected/related to an entity that is involved/operates, directly or indirectly, in the cryptocurrency sector.”
This follows a men’s cricket Premier League ban introduced in 2022. Before the ban, the Indian Premier League had collaborated with at least two local crypto exchanges: CoinSwitch Kuber and CoinDCX.
