G20 meeting discusses cryptocurrencies, regulatory framework for them

Finance Minister Nirmala Sitharaman on Tuesday said the issue of cryptocurrencies was discussed at a key G20 meeting here to make a comprehensive, cohesive and coordinated global policy and regulatory framework for these digital assets. She said members of Group of 20 or G20, an intergovernmental forum of the world's major developed and developing economies, reaffirmed their commitment to enhance international economic cooperation. Sitharaman was speaking to the media after the end of the 3rd G20 Finance Ministers and Central Bank Governors (FMCBG) meeting in Gandhinagar. At the meeting, G20 Finance Ministers and Central Bank Governors pledged to prioritize the well-being of people and the planet and reaffirmed their commitment to enhancing international economic cooperation, strengthening global development for all and steering the global economy towards strong, sustainable, balanced and inclusive growth (SSBIG), she said. The issue of cryptocurrency was also discussed to make a comprehensive, cohesive and coordinated global policy and regulatory framework for them, Sitharaman told reporters after the conclusion of the two-day meeting. She said India, which currently holds the presidency of G20, brought onto the table the issue of digital public infrastructure (DPI). The Indian presidency has brought the digital public infrastructure (DPI) agenda into the G20 discussions. Members endorsed the transformative role of DPI in rapidly advancing financial inclusion and productivity gains, she said. On global debt vulnerabilities, G20 members actively deliberated on how to strengthen multilateral coordination to effectively address the deteriorating debt situation and facilitate coordinated debt treatment for debt-distressed countries, said the finance minister. Asked about Beijing's response to evolving a common debt resolution mechanism, she said, China's stand was encouraging.