G20 Ministers To Advice On Crypto Regulation: Indian Economic Affairs Head

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G20 Ministers To Advice On Crypto Regulation: Indian Economic Affairs Head
  • Findings on crypto regulations are to be shared with G20 finance ministers, said the Indian Secretary of the Department of Economic Affairs.
  • Governors will be requested for a globally coordinated framework for the supervision of crypto assets.
  • The panel’s recommendations aim to strengthen multilateral development banks and enhance their lending capacity.

Earlier today, Business Standard reported that reports and findings on crypto regulations will be shared with G20 finance ministers and central bank governors. According to India’s Secretary of the Department of Economic Affairs, Ajay Seth, the authorities will be asked for “a guidance note on a globally coordinated framework for regulation and supervision of crypto assets.” The discussion will take place at the upcoming Finance and Central Bank Deputies (FCBD) meetings set to occur in India from 14 to 18 July, as part of the Indian G20 Presidency.

Moreover, a video featuring Seth was produced by the finance ministry. In the recorded message, Seth mentioned that the inaugural volume of the report from an independent committee established by the G20 to enhance multilateral development institutions will be presented to the G20 finance and central bank governors as well. Seth quoted,

Primarily the deputies will be discussing (On July 14-15) first, the various deliverables and also the draft outcome document expected at the end of ministers and finance and the Governors Meeting.

The panel’s recommendation seeks to improve the balance sheet strength of multilateral development banks and significantly increase their lending capacity, noted Mint. The panel’s mandate includes providing suggestions to reform such institutions in terms of vision, funding requirements, funding modalities, and improving coherence in their operations.

Over the course of five days, more than 520 delegates from 66 delegations, including ministers, governors, and deputies, will participate in these meetings. Additionally, N.K. Singh and ex-US treasury secretary Lawrence Summers will co-chair the panel.

The meeting of governors and finance ministers is arranged, keeping in mind five focus areas involving the global economy and global health, sustainable finance and infrastructure, international financial infrastructure, international taxation, and financial sector issues, as well as financial inclusion.

Hence, Seth said that the meeting will cover various important deliverables, including progress on debt treatment for countries experiencing debt vulnerabilities, recommendations for promoting financial inclusion and productivity gains through digital public infrastructure, and principles for financing future cities.

The last FMCGB meeting, held under the G20 Indian Presidency from February 24 to February 25 showcased several side events that had been organized for the Ministers, Governors, Deputies, and other delegates who are visiting. These events covered various topics, including Digital Public Infrastructure, Policy Perspectives on Crypto Assets, and the significance of National Payment Systems in Cross Border Payments.

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