The G20, according to Sitharaman, recognizes the work of the International Monetary Fund (IMF) and the Financial Stability Board (FSB) in identifying critical parts of the policy and regulatory framework.
During a brainstorming session with G20 finance ministers and central bank governors, Finance Minister Nirmala Sitharaman emphasized the importance of paying close attention to crypto asset challenges.
The discussion, titled “Macrofinancial Implications of Cryptocurrency Assets,” was held at the offices of the International Monetary Fund (IMF) and was attended by global specialists. Sitharaman, who represents India as the current G20 yearly president, emphasized the significance of regulating the cryptocurrency sector while protecting economies from harm.
The minister praised the IMF and the Financial Stability Board (FSB) for developing crucial parts of policy and regulatory frameworks for crypto assets.
She emphasized the importance of a globally coordinated policy response to crypto assets that takes into account the whole range of risks, particularly those unique to emerging markets and developing economies.
Sitharaman also requested a synthesis report that incorporates macroeconomic and regulatory perspectives on cryptocurrency assets.
The G20 countries agreed on the importance of regulating this industry, which has arisen as a major issue of contention among member countries.
Climate change is having an impact on us: Sitharaman
Sitharaman noted during a panel discussion on behavioral change and climate change that climate change affects everyday life from different perspectives.
When asked how India implements the LiFE agenda, the Union Finance Minister responded, “through repeated persuasion, repeated speaking about and speaking about issues that you think are commonplace, but repeated speaking by people who hold positions, by people who are responsible, by people who can really catch eyeballs.”
“That’s where and why I think most advertising campaigns for very mundane things catch hold of top icons to support the idea,” Sitharaman explained.
LiFE, which was founded by Prime Minister Narendra Modi, aims to tackle environmental degradation and climate change by encouraging sustainable practices in India and around the world. Sitharaman also emphasized the need of employing icons in advertising campaigns to increase awareness and support for the cause.