G20 members call for global crypto regulations, says India

Crypto assets not backed by central banks can tumble and cause macroeconomic fluctuations, says Indian FM

Web Desk

April 14, 2023

India’s Finance Minister Nirmala Sitharaman speaks with Germany’s Parliamentary State Secretary Niels Annen before the start of a plenary session of the Development Committee at the World Bank during the 2023 Spring Meetings in Washington, U.S., April 12, 2023. —Reuters

WASHINGTON: Indian Finance Minister Nirmala Sitharaman said on Thursday there was a greater endorsement among the Group of 20 member nations that any new laws regarding the decentralised currency need to be globally coordinated.

She added that the nations agreed that crypto assets not backed by central banks can tumble and cause macroeconomic fluctuation.

Sitharaman told a news conference after the meeting of the G20 finance minister and central bank governors: "The G20 and its members agree that it's not going to be possible to have an independent, standalone country dealing with the crypto assets."