India stole the show at the third G20 Finance Ministers and Central Bank Governors (FMCBG) conference by addressing critical crypto problems.
The meeting in Gandhinagar, Gujarat, co-chaired by Union Finance Minister Nirmala Sitharaman and Reserve Bank of India (RBI) Governor Shaktikanta Das, saw India actively lobbying for a worldwide framework for crypto assets.
India’s input paper to the G20 finance ministers and central bank governors stressed three essential concepts for dealing with the problems posed by cryptocurrencies.
The first principle focused on reducing macroeconomic and financial stability concerns associated with the increasing use of digital assets.
The second principle emphasised the need of investor protection and education, stressing the need to shield investors from any risks associated with crypto investments while also providing them with critical information to make informed decisions.
The third premise emphasised India’s commitment to protecting technical innovation while efficiently regulating cryptos. At the meeting, striking a balance between risk management and promoting innovation became a crucial focus for India’s attitude.
The hazards of money laundering and terrorist funding related with cryptos were also addressed in India’s contribution paper.