Union Finance Minister Nirmala Sitharaman on Friday (October 13) said a unified approach to regulating cryptocurrencies has been adopted by the G20 nations, signaling a coordinated global effort to address the challenges and opportunities posed by crypto assets.
Addressing the media following the 4th G20 FMCBG Meeting under India's G20 Presidency held on October 12-13, 2023 in Marrakech, Morocco, Sitharaman said the G20 nations are aligning their regulatory efforts and are in her words, "on the same page" concerning the regulation of crypto assets.
"Given the understanding that globally now all of us are on the same page about the way in which regulations can happen, country and their specific legislative arrangements will also have to be worked out.
So it will be at the same time working across countries, between countries in a macro sense and also coming down to the level of individual countries and their own measures that they would want to take," she said.
Sitharaman also explained that the crypto assets reporting framework will be established by 2027. This framework will provide a structured system for tracking and reporting cryptocurrency transactions, enhancing transparency and regulatory oversight.
Sitharaman also expressed concerns about the possible fallout of the fierce Middle East conflict on fuel prices and the uncertainties surrounding peace.
The minister said, "...the recent crisis in the Middle East and concerns on fuel are worries which do hold and expressed as well. So the concerns and the uncertainties are about the peace, as a positive factor, fuel concerns affecting the food security aspects and therefore inflation to that extent and then the fragmentation of the supply chains. These are the three concerns in the near future “
Despite this, the finance minister looked confident about the prospects of the India-Middle East Economic Corridor. The minister said the significance of the corridor is long term and short-term "glitches" will not impact India’s
long-term interest.
"I think the IMEC, the India Middle East Economic Corridor, which is an India initiative is for the long term and its significance is long term. While short-term glitches, if I may use that term can have concerns and can occupy the minds, I think we will keep engaging with all the stakeholders, and keep our communications open and this is just not for the immediate future it is with the long term interest," the finance minister added.
First Published: Oct 13, 2023 11:07 PM IST
