BENGALURU – The Group of 20 (G20) countries are striving to build a policy consensus on crypto assets to inform better global regulation, India’s federal economic affairs secretary Ajay Seth said recently.
India, which currently holds the G20 presidency, is hosting the group’s first meeting of finance and central bank deputies on Dec. 13-15 in Bengaluru.
The implications of crypto assets for the economy, monetary policy and the banking sector should be studied to inform this consensus, Seth said at a news conference on the second day of the forum.
“The regulation should flow from the policy view taken. In fact, one of the priorities which have been put on the table is to help countries build a consensus for policy approach to the crypto assets,” he said according to Reuters.
The grouping comprises 19 countries and the European Union, and represents in total around 85% of the world’s GDP.
The discussions come after the collapse of the cryptocurrency exchange FTX, which has led to calls for better oversight of crypto markets.
FTX, its hedge fund Alameda Research and dozens of affiliates filed for US bankruptcy last month after the trading platform suffered a rush of withdrawals and a rescue deal failed.
Talks in Bengaluru have also covered managing global debt vulnerabilities, financing for climate action and sustainable development goals, strengthening multilateral development banks, among others.
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