Crypto action will need to be global: Indian Minister Sitharaman

Indian Finance Minister Nirmala Sitharaman said that there was a greater acceptance among Group of 20 (G20) member countries that any new regulations on the crypto assets need to be globally coordinated.

"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. "the G20, I think, has responded fairly with alacrity (on the crypto challenge)," Sitharaman told reporters at a news conference after a meeting of G20 finance ministers and central bank governors. "The G20 and its members agree that it's not going to be possible to have an independent, standalone country dealing with the crypto assets," the minister added.

Sitharaman told reporters that the group has willingly responded to the issue. A "synthesis paper" would be taken up on matters related to crypto assets during India's G20 presidency.

Minister Sitharaman participated in the high-level meeting on Sri Lanka's debt issues on the sidelines of the International Monetary Fund (IMF)- World Bank (WB) Spring Meetings in Washington DC according to the statement released by Ministry of Finance.

The purpose of the meeting was to demonstrate the multilateral cooperation regarding the debt restructuring process among the creditors, together with Sri Lanka. At the event, the ministers announced the launch of the debt restructuring negotiation process in Sri Lanka under the three Co-Chairs -- India, Japan, and France, to lead the coordinated debt restructuring of Sri Lanka.

(ANI)