- India’s Finance Minister Sitharaman stresses the urgency of addressing concerns about crypto assets.
- She said that there is need for regulation while safeguarding economies from harm.
- Call for globally coordinated policy response taking into account risks unique to developing economies.
During a recent brainstorming session with G20 finance ministers and central bank governors, Finance Minister Nirmala Sitharaman emphasized the importance of addressing concerns pertaining to crypto assets with a sense of urgency.
Global experts gathered at the International Monetary Fund’s headquarters for a session titled “Macrofinancial Implications of Crypto Assets,” which was attended by Finance Minister Nirmala Sitharaman representing India as the current annual presidency of G20 countries. During the session, she highlighted the need for regulating the crypto sector while safeguarding economies from any potential harm.
Finance Minister Nirmala Sitharaman recognized the efforts of the International Monetary Fund (IMF) and the Financial Stability Board (FSB) in identifying crucial aspects of policy and regulatory frameworks concerning crypto assets.
The Finance Minister emphasized the necessity for a globally coordinated policy response towards crypto assets that takes into account the complete spectrum of risks, particularly those unique to developing economies and emerging markets.
Additionally, Sitharaman urged for the creation of a synthesis paper that consolidates macroeconomic and regulatory viewpoints on crypto assets. The G20 countries collectively agreed on the pressing need to regulate the crypto sector, which has become a major topic of discussion among member nations.
Speaking at a panel discussion on behavioral change and climate change, Sitharaman acknowledged that climate change is affecting daily life from various perspectives.
When asked about India’s implementation of the LiFE agenda, the Finance Minister explained that it involves repeated persuasion and advocacy of common issues by individuals in positions of responsibility who have the ability to capture the public’s attention. She added,
That’s where and that is why I think most advertising campaigns for very mundane things catch hold of top icons to support the idea.
Indian Finance Minister, Nirmala Sitharaman
The LiFE initiative was launched by Prime Minister Narendra Modi to address environmental degradation and climate change through the promotion of sustainable practices both domestically and globally. Sitharaman also highlighted the importance of using icons in advertising campaigns as a means of capturing public attention and generating support for the cause.
