G20 key financial stability priority

During the first G20 Finance Ministers and Central Bank Governors (FMCBG) meeting under India’s presidency, the members were invited to discuss key financial stability and regulatory priorities, among other policy approaches. India urged member nations to build and understand the macro-financial implications of crypto assets and recommended formulating a coordinated global policy.

India’s Finance Minister, Nirmala Sitharaman, has historically supported the idea of creating crypto regulations in partnership with other jurisdictions — given the global reach of crypto assets. Under India’s G20 Presidency, this narrative is now a part of mainstream discussions.

India’s Finance Minister Nirmala Sitharaman during FMCBG meeting in Bengaluru. Source: Ministry of Finance.

During the FMCBG meeting held on Feb. 24 and 25, G20 members discussed the potential of technology innovations while emphasizing balancing associated risks. Key discussions included financial stability and regulatory priorities, policy approaches for advancing financial inclusion and productivity gains for the G20.

In her closing remarks, Sitharaman welcomed support for reforms related to crypto assets. Specifically, the finance minister called for a coordinated effort “for building and understanding of the macro-financial implications,” which could be used to build global crypto reforms.

She further thanked the International Monetary Fund (IMF) for releasing a comprehensive paper on the macro-financial implications of crypto assets. On an end note, Sitharaman underlined the need for coordination among the G20 nations “to support responsible technological innovations and safeguard stability of the financial system.”

Related: India expands national payment network to Singapore: What’s in it for crypto?

The Board of Control for Cricket in India (BCCI) recently released a 68-page advisory asking the Women’s Premier League to refrain from crypto advertising and sponsorships:

“No franchisee shall undertake a partnership or any kind of association with an entity that is in any way connected/related to an entity that is involved/operates, directly or indirectly, in the cryptocurrency sector.”

This follows a ban for the men’s cricket Premier League, introduced in 2022. Before the ban, the Indian Premier League had collaborated at least with two local crypto exchanges — CoinSwitch Kuber and CoinDCX.