India to seek harmony in crypto regulation in G-20 finance talks

Finance Track talks to kick off in Bengaluru on December 13; Finance Ministers, Central bank Governors to meet in February 2023

December 11, 2022 08:50 pm | Updated December 12, 2022 05:34 pm IST - NEW DELHI

Representational file image.

Representational file image. | Photo Credit: Reuters

A coordinated approach to regulating crypto assets, managing debt vulnerabilities and reorienting global financial institutions have been identified as critical focus areas of the Finance Track agenda for India’s G-20 Presidency, which will kick-off with the first meeting of G-20 Finance and Central Bank Deputies in Bengaluru on Tuesday.

Finance Minister Nirmala Sitharaman and Reserve Bank of India (RBI) Governor Shaktikanta Das will steer the overall Finance Track during India’s G-20 Presidency, with the first meeting of members’ Finance Ministers and Central bank Governors also scheduled to be held in the Karnataka capital from February 23 to 25.

Nearly 40 meetings have been planned under the Finance Track all over the country, with various working groups and four Minister-level meetings that “will endeavour to add significant value to the global economic discourse”, officials said.

Also read |Explained | All about the G20: History of the forum and India’s presidency

A globally coordinated approach to unbacked crypto assets, advancing the international taxation agenda, managing global debt vulnerabilities, advancing financial inclusion and productivity gains, financing for climate action and sustainable development goals, and financing “cities of tomorrow” are some of the key issues identified for focused discussions during these G-20 meetings.

This week’s parleys will be co-chaired by Ajay Seth, Secretary, Department of Economic Affairs, and Michael D. Patra, Deputy Governor of the RBI. Their counterparts from G-20 member countries, and from several other countries and international organisations invited by India, will participate in the two-day meeting.

“The Finance Ministry, after extended consultations, has curated a robust agenda which will ultimately feed into the G-20 leaders’ declaration when Prime Minister Narendra Modi hosts the summit next year. We have imbibed the PM’s idea in his address at the Bali G-20 summit that ‘the need today is that benefits of development are universal and all-inclusive’ in the G-20 Finance Track agenda,” Mr. Seth said on Sunday.  

“We are hopeful the Finance Track will lead to sustainable and inclusive growth for all and bring more resilience to the global economy. We also hope that it will help improve our collective preparedness of future challenges, especially for vulnerable and developing countries,” he added.

“During India’s G20 Presidency, supporting the countries most in need and reflecting the concerns and aspirations of developing countries will be at the forefront of the G20’s efforts,” the Finance Ministry said in a statement.

“India has assumed the G20 Presidency at a time of multiple challenges, which include scarring from the COVID-19 pandemic, sharpened geopolitical tensions, rising food and energy security concerns, growing debt distress, inflationary pressures, and monetary tightening, among others. A key role of the G20 is to provide guidance in dealing with such challenges,” the statement added.  

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