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Global Consensus Essential For Crypto Regulation
Finance Minister Nirmala Sitharaman emphasised the importance of global consensus in regulating crypto assets.
She stated at a series of events in Bengaluru that any kind of regulation on crypto assets would require the consent of every nation, otherwise it would be ineffective.
Sitharaman said that as part of its G20 presidency, India has prioritized crypto asset regulation for this year.
The IMF published a paper on cryptocurrency and its impact on macroeconomic stability.
“The Financial Stability Board (FSB), which was set up by G20, has agreed to give a report that will also focus on financial stability,” Sitharaman said.
The finance minister said that reports of both FSB and IMF will be discussed in July when Finance Ministers and Central Bank Governors will meet under the G20 umbrella.
(With inputs from Shikha Singh)
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