India’s Finance Minister Nirmala Sitharaman said that while the G20 has embraced the “G20 roadmap on Crypto Sssets“, there is currently no set timeline for its implementation yet.
Sitharaman made the pronouncement as she discussed the progress on the ‘G20 roadmap on Crypto Assets’. This roadmap, now formally adopted by the G20, provides a framework for managing the risks and harnessing the opportunities associated with crypto assets.
The Indian official said the upcoming Brazilian presidency is expected to bring further clarity in this regard. She mentioned the collaborative efforts between the Indian and Brazilian presidencies in this area.
Key international organizations, including the International Monetary Fund (IMF), the Financial Stability Board (FSB), and the Financial Action Task Force (FATF), have been assigned the role of updating G20 member nations on the progress and implementation of this roadmap.
Sitharaman emphasized the need for a comprehensive approach, involving not just G20 countries but also members of the FSB and others, to ensure an effective mechanism is in place globally for controlling crypto assets.
The summit also clarified that countries are free to proceed with the roadmap and develop their own frameworks to address crypto-related risks.
As for India, Sitharaman noted that the country is still in the early stages of planning its regulatory actions regarding crypto assets.
She anticipates more developments when Brazil takes over the G20 presidency, given the increasing focus on crypto assets within the G20 framework.
Additionally, the summit addressed four other significant agendas within the G20 finance track, including reforms in Multilateral Development Banks (MDB), advancements in Digital Public Infrastructure, Climate Finance, and the Financing of the Cities of Tomorrow.
Global multilateral agencies will be providing regular updates to the G20 on the implementation of the crypto regulation roadmap, Sitharaman added.
It is expected that countries will form their own laws on crypto over and above a minimum set of global regulations.