G20 key financial stability priority

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At the inaugural G20 Finance Ministers and Central Bank Governors (FMCBG) meeting, chaired by India, members were invited to discuss key financial stability and regulatory priorities among other policy approaches. India encouraged Member States to build and understand the macro-financial implications of crypto-assets and to develop coordinated global policies.

Indian Finance Minister Nirmala Sitharaman has historically endorsed the idea of ​​working with other jurisdictions to create crypto regulations given the global spread of crypto assets. Under her G20 presidency in India, this story is now part of mainstream debate.

Indian Finance Minister Nirmala Sitharaman during the FMCBG meeting in Bengaluru.Source: Ministry of Finance

At the FMCBG meeting held on February 24th and 25th, G20 members discussed the potential for technological innovation while highlighting the balance of risks involved. Key discussions included financial stability and regulatory priorities, policy approaches to promote financial inclusion, and G20 productivity gains.

In his closing remarks, Sitharaman welcomed support for reforms related to crypto-assets. Specifically, the finance minister called for a concerted effort “to build and understand macro-financial implications” that could be used to build a global crypto reform.

She also thanked the International Monetary Fund (IMF) for publishing a comprehensive paper on the macro-financial implications of crypto-assets. In her closing, Sitharaman emphasized the need for coordination among G20 countries “to support responsible innovation and ensure financial system stability.”

Related: India Expands Domestic Payments Network to Singapore: What Are the Benefits of Cryptocurrencies?

The Indian Cricket Control Board (BCCI) recently released a 68-page recommendation asking the Women’s Premier League to refrain from crypto advertising and sponsorships.

“Franchisees must not enter into partnerships or associations of any kind with entities that are in any way connected/affiliated with entities directly or indirectly involved/operating in the cryptocurrency sector.”

This follows the men’s cricket Premier League ban introduced in 2022. Prior to the ban, the Indian Premier League worked with at least two local cryptocurrency exchanges, CoinSwitch Kuber and CoinDCX.