Gandhinagar: As opposed to the initial enthusiasm, there is a great amount of “caution and concern” currently among G20 countries about crypto currencies, Reserve Bank of India (RBI) Governor Shaktikanta Das said here.
“The earlier enthusiasm amongst countries about crypto — they believed that it is a great innovation — is now completely muted… Everybody realised that there are huge risks. So there is a great amount of caution and concern around crypto currencies,” Das said as he addressed the media after the conclusion of the Third G20 Finance Ministers and Central Bank Governors (FMCBG) meeting. The RBI governor was the co-chair of the two-day meeting along with Union Finance Minister Nirmala Sitharaman.
At the meeting, the Indian Presidency submitted a “Presidency Note” to the G20 membership laying down important inputs for a roadmap on crypto assets.
The roadmap, which will be part of a larger synthesis paper, will support a coordinated and comprehensive policy and regulatory framework taking into account the full range of risks, especially those specific to the emerging market and developing economies (EMDEs) and the ongoing global implementation of Financial Action Task Force (FATF) standards to address money laundering and terrorism financing risks. “The G20 now looks forward to receiving the IMF-FSB (Financial Stability Board) Synthesis Paper, along with the roadmap, before the Leaders’ Summit in September 2023,” Sitharaman said.
Agencies