First G20 meeting of Finance Ministers, Central Bank Governors to deliberate on crypto-assets

Addressing a media briefing, Ajay Seth, Secretary, Department of Economic Affairs, Ministry of Finance, said that discussion on crypto-assets was among the three seminars planned during the first FMCBG and second meeting of G-20 Finance and Central Bank deputies.

The discussion during the seminar will “help in building consensus for crypto-assets”. Seth said that work was underway regarding regulations for cryptocurrency and other assets with assistance from various international organisations.

Macro-economic, monetary and banking perspectives of crypto assets will be discussed. “Crypto assets by nature do not recognise any boundaries. So, a broad level consensus is required for any regulation,” he said.

Other seminars will discuss issues such as digital public infrastructure and linking various digital payments.

Seth said that the FMCBG will also deliberate on multilateral development banks to address various challenges, such as achieving sustainable development goals, climate change and finance for projects to tackle climate change may also figure in the discussion.

In the first FMCBG meeting, 72 delegations will attend. The meeting will be spread over three sessions from February 22 to 25, and discuss issues such as financing for resilient, inclusive and sustainable ‘cities of tomorrow’, leveraging digital public infrastructure for advancing financial inclusion and productivity gains. The sessions will also cover issues related to global economy, global health and international taxation.

The delegates will also visit with tech-innovators and entrepreneurs at the Indian Institute of Science to learn about the achievements of India in the field of nano-technology, artificial intelligence, information tech and others, Seth said.