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Nirmala Sitharaman Meets Counterparts Ahead Of G20 To Discuss Crypto Regulation The other key factors that were discussed in the meeting were preparedness for future pandemics, strengthening multilateral development banks and so on

By Teena Jose

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Ministry of Finance Twitter handle

Finance minister Nirmala Sitharaman, in a bilateral discussion with her counterparts ahead of the G20 finance and central bank governors meet in Bengaluru on Thursday, has urged for a framework to regulate cryptocurrencies. The other key factors that were discussed in the meeting were preparedness for future pandemics, strengthening multilateral development banks and so on, according to a PTI report.

The finance ministers of the G20 countries, which is a grouping of developed and developing nations, are here to participate in the two-day meeting of G20 finance ministers and central bank governors (FMCBG) beginning February 24.

As per reports, the minister so far has held separate bilateral meetings with the US Treasury Secretary Janet Yellen, Finance Minister of Japan Shunichi Suzuki, and Italian Minister of Economy and Finance Giancarlo Giorgetti ahead of the G-20 FMCBG meeting. She is scheduled to have more than 10 such meetings.

In her meeting with Janet Yellen, the finance minister discussed issues relating to crypto assets, strengthening multilateral development banks and global debt vulnerabilities, said the report and Finance Ministry tweets.

"The two leaders discussed their perspectives on strengthening multilateral development banks, global debt vulnerabilities, crypto assets, and health, besides the Just Energy Transition Partnership and possible takeaways for the two sides. Both sides agreed that lessons learnt from the covid pandemic should not be lost sight of and there is a need for enhancing preparedness for future pandemic type shocks," the ministry tweeted.

In November 2022, Sitharaman had said that India was 'moving speedily forward' with digital financial technology as India gears up to assume the G20 presidency following a handover from Indonesia in December. The minister called for global collaboration on cryptocurrencies as she stated the risks crypto posed for financial stability.

Later on, in February 2023, FM HAD held a virtual conversation with the International Monetary Fund MD to discuss the upcoming G20 Finance Ministers and Central Bank Governors (FMCBG) meeting scheduled in the same month.

The Economic Survey released on January 31 also highlighted the need for a common approach for the regulation of cryptocurrency, while adding the underlying risks and high volatility of the sector.

Teena Jose

News Desk Reporter with Entrepreneur India

Teena is a post graduate in financial journalism. She has an avid interest in content creation, digital media and fashion.
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