Nirmala Sitharaman, the finance minister, stated on Friday that the G20 nations concur that there needs to be worldwide regulation of cryptocurrencies. Sithataman stated during a press conference in Washington, DC that there is growing awareness among G20 countries that a coordinated understanding would be necessary to handle and manage crypto assets.
"I am glad to say that there is a greater acceptance among all G20 members, that any action on crypto assets will have to be global," Sitharaman said. "The G20, I think, has responded fairly with alacrity (on the crypto challenge)," she further added.
She responded to a question by saying, 'The G20 and its members agree that it's not going to be possible for an independent standalone country to deal with the crypto assets and that it has to have a globally coordinated understanding on how to go about regulating crypto assets'.
According to Sitharaman, a conversation on the subject would take place in September and October to determine the path for handling cryptocurrency. The finance minister added that because they are not backed by any sovereign asset, crypto assets, especially those that are not held by central banks, can contribute to macroeconomic instability.