G20 meet of FMs, CBGs to discuss crypto assets

Bengaluru: The first G20 meeting of Finance Ministers and Central Bank Governors (FMCBG), to be held in Bengaluru from February 22 to 25, will deliberate on crypto assets and steps required to regulate them. Addressing a media briefing, Ajay Seth, Secretary, Department of Economic Affairs, Ministry of Finance, said the discussion on crypto assets was among the three seminars planned during the first meeting of the FMCBG and second meeting of G20 Finance and Central Bank deputies.

The meeting will be jointly chaired by Union Finance Minister Nirmala Sitharaman and RBI Governor Shaktikanta Das.

The discussion during the seminar will "help in building consensus for crypto assets", Seth said, adding 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.

The meeting will be spread over three sessions, covering issues such as strengthening multilateral development banks to addressing shared global challenges of the 21st century, financing for resilient, inclusive and sustainable 'cities of tomorrow', leveraging Digital Public Infrastructure (DPI) for advancing financial inclusion and productivity gains.

Seth said 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.