New Delhi— Finance Minister Nirmala Sitharaman confirmed that the G20 has officially adopted the crypto roadmap, emphasizing that the International Monetary Fund (IMF), Financial Stability Board (FSB), and Financial Action Task Force (FATF) will provide frequent updates on the progress and implementation of the G20 crypto assets roadmap.
Addressing the media at the conclusion of the virtual G20 Leaders’ Summit on November 22, Sitharaman stated, “The IMF, FSB, and the FATF will be required to provide regular updates to the G20 regarding the progress and implementation of the G20 roadmap on crypto assets.”
The joint synthesis paper submitted to the G20 in September by the IMF and FSB outlined policy recommendations and standards to address risks associated with crypto-asset activities. The IMF aims to collect “test” data on crypto used for payments by the end of 2025, and the synthesis paper presented a comprehensive policy implementation roadmap.
Sitharaman highlighted the necessity of establishing an effective mechanism in each country to control crypto assets, involving not only G20 countries but also FSB members, totaling more than a hundred countries.
When questioned about India’s timeline for framing its crypto laws beyond the roadmap, Sitharaman stated, “At this stage beyond that, there is no timeline given… When we move to the Brazilian presidency, given the momentum that the crypto assets issue has picked up in G20, if there is anything emerging, we will know at that time.”
Regarding Prime Minister Narendra Modi’s proposal for a global Social Impact Fund to spread digital public infrastructure, Sitharaman mentioned that the exact contours of the fund are yet to be finalized.
The G20 Leaders’ Summit concluded India’s presidency, marking the end of discussions on critical global financial matters.
