for the G20 in maintaining financial stability
India's Finance Minister has called for a coordinated effort to build an understanding of the macro-financial implications of cryptocurrencies, which could be used to develop global regulatory reforms.
At the first G20 Finance Ministers and Central Bank Governors (FMCBG) meeting under India's presidency, the members were invited to discuss key financial stability and regulatory priorities, as well as other policy approaches. India urged the member nations to consider the macro-financial implications of crypto assets and recommended formulating a coordinated global policy.
India's Finance Minister, Nirmala Sitharaman, has long been an advocate of creating crypto regulations in and partnerships with other jurisdictions, given the global reach of crypto assets. Under India's G20 Presidency, this narrative has now become a part of mainstream discussions.
At the recent FMCBG meeting, G20 members discussed technology innovations and balancing associated risks, emphasizing financial stability and regulatory priorities. Discussions also focused on policy approaches for advancing financial inclusion and productivity gains for the G20.
In her closing remarks, Finance Minister Sitharaman welcomed support for reforms related to crypto assets, calling for a coordinated effort to build and understand the macro-financial implications that could be used to create global crypto reforms.
She thanked the International Monetary Fund (IMF) for its comprehensive paper on the macro-financial implications of crypto assets and underlined the need for G20 nations to coordinate in order to support responsible technological innovations and ensure the stability of the financial system.
The Board of Control for Cricket in India (BCCI) recently released a 68-page advisory, urging the Women's Premier League to avoid any form of cryptocurrency advertising and sponsorships :
“The advisory means that franchisees are not allowed to partner with or have any kind of association with entities that are connected to or involved in the cryptocurrency industry. This applies to entities that operate directly or indirectly in the cryptocurrency sector.”
The Men's Cricket Premier League was subject to a similar restriction beginning in 2022. The Indian Premier League has partnerships with at least two regional cryptocurrency exchanges before the suspension, CoinSwitch Kuber and CoinDCX. This move by the BCCI is a clear indication of its stance on cryptocurrency and its associated activities.
Also read - IMF Unveils An Action Plan for Global Crypto Regulation
