Ahead of G-20 meeting, Finance Minister Nirmala Sitharaman meets counterparts and discusses crypto regulation

Bengaluru:

Finance Minister Nirmala Sitharaman on Thursday advocated for a global regulatory framework for cryptocurrencies, in addition to strengthening ways to tackle global debt vulnerabilities and strengthen multilateral development banks during bilateral meetings with her counterparts. , including the United States and Japan, ahead of the G-20 meeting.

Finance ministers from the G20 countries, which is a grouping of developed and developing countries, are here to take part in the two-day meeting of G20 finance ministers and central bank governors which starts on February 24.

Under the G20 presidency, India will push for a global regulatory framework for cryptocurrencies, ways to tackle the heightened debt vulnerabilities facing developing countries, mainly due to ongoing geopolitical tensions and of the pandemic.

There are fears that if left unchecked, growing debt vulnerabilities in developing countries could trigger a global recession and push millions into extreme poverty.

So far, the minister has held separate bilateral meetings with US Treasury Secretary Janet Yellen, Japan’s Finance Minister Shunichi Suzuki and Italy’s Economy and Finance Minister Giancarlo Giorgetti ahead of the G-20 meeting. FMCBG. She should have more than 10 such meetings.

During her meeting with Janet Yellen, the Minister of Finance discussed issues related to crypto-assets, the strengthening of multilateral development banks and global debt vulnerabilities.

“The two leaders exchanged views on #G20 #FinanceTrack priorities under the #G20India presidency in 2023. The two leaders discussed their views on strengthening #MDB, vulnerabilities in #GlobalDebt, #CryptoAssets and #health, besides the #JETP Just Energy Transition Partnership and takeaways for both parties,” the Ministry of Finance tweeted after the meeting.

In a separate tweet about Nirmala Sitharaman’s meeting with his Japanese counterpart, the finance ministry said ministers exchanged views on priorities under the G20 Finance Track 2023.

“The two ministers looked forward to close cooperation between Japan as the #G7 Chairmanship and India as the #G20 Chairmanship on strengthening #MDBs, debt-related issues, financing cities in tomorrow and the coordinated policy for #CryptoAssets,” he said.

During his meeting with the Italian Minister, the Ministry of Finance said that the Italian Finance Minister has given his full support for a successful G20 Presidency in India in 2023.

“FM said that under the leadership of Prime Minister Shri @narendramodi, India hosted the voice of the #GlobalSouthSummit and India would present the perspectives of the #GlobalSouth. Mr Giorgetti indicated that Italy would continue to be a bridge between the Global North and the Global South,” the ministry tweeted.

Sitharaman, while addressing the ministerial session of the Global South Summit last month, had said that India would address issues of development of the Global South in the meetings of the G-20 countries, stressing that it should not be a first world or a third world, but one world with a common future.

India took over the G20 presidency on December 1 last year.

India raised the issue of reforms of multilateral lending institutions, especially the International Monetary Fund (IMF) and the World Bank, to enable them to meet the global challenges facing the world economy in the 21st century.

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