The G20, an intergovernmental forum composed of 19 nations and the European Union, has recently announced its intention to establish a unified framework to help countries manage the risks associated with cryptocurrency investments.
During India’s presidency, Finance Minister Nirmala Sitharaman led the G20 in urging the development of coordinated global cryptocurrency policies, as she believes that uncoordinated measures will not effectively address the impact of cryptocurrencies on a global scale.
In a speech at the Peterson Institute for International Economics in Washington, DC, Sitharaman stressed the importance of unified efforts from all jurisdictions to address the various cryptocurrency collapses and shocks experienced in the industry. She stated that cryptocurrencies would be a crucial topic under the G20 India presidency due to the high number of collapses in the industry.
The G20 is working towards uniting all nations to tackle debt distress in middle-income and low-income countries, including Sri Lanka and Ghana, with the World Bank and IMF conducting a roundtable on Global Sovereign Debt.
During the G20 FMCBG meeting in Bengaluru, preliminary discussions on this issue were held, and India’s G20 presidency will facilitate discussions and information-sharing on this issue. Sitharaman added that multilateral institutions are coming up with resolutions for debt-laden countries within three to five years.
On February 21, DeFi Planet reported that Finance Ministers and Central Bank Governors from G20 nations would assemble in India to address pressing topics such as cryptocurrency, debt, and global inflation in different countries. From February 22 to February 25, 2023, the officials met at the Nandi Hills Summer Retreat in India.
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