The members were asked to discuss important financial
stability and regulatory issues, among other policy approaches, during the
inaugural G20 Finance Ministers and Central Bank Governors (FMCBG) meeting
under India's presidency. India asked members to have an understanding of the
macroeconomic effects of cryptoassets and suggested creating a coordinated
international strategy.
Given the international reach of crypto assets, India's
Finance Minister, Nirmala Sitharaman, has previously supported the idea of developing
crypto legislation in collaboration with other jurisdictions. This story is
currently being discussed widely thanks to India's G20 Presidency.