In order to regulate cryptocurrencies, Finance minister Nirmala Sitharaman has pitched for a global framework, besides firming up ways to tackle global debt vulnerabilities and strengthening multilateral development banks during bilateral meetings with her counterparts, including from US and Japan, ahead of the G-20 meeting.
The finance ministers of the G20 countries, which is a grouping of developed and developing nations, are in Bengaluru to participate in the two-day meeting of G20 finance ministers and central bank governors (FMCBG) beginning February 24.
Under the G20 Presidency, India will be pressing for a global framework to regulate the cryptocurrencies, ways to tackle the aggravated debt vulnerabilities facing the developing nations mainly on account of the continuing geopolitical tensions and the pandemic. It is feared that if left unaddressed, the mounting debt vulnerabilities of developing nations could trigger global recession and push millions to extreme poverty.
The minister so far has held separate bilateral meetings with the US Treasury Secretary Janet Yellen, Finance Minister of Japan Shunichi Suzuki, and Italian Minister of Economy and Finance Giancarlo Giorgetti ahead of the G-20 FMCBG meeting. In her meeting with Yellen, the finance minister discussed issues relating to crypto assets, strengthening multilateral development banks and global debt vulnerabilities.
