Union Finance Minister Nirmala Sitharaman on Tuesday said various issues surrounding cryptocurrencies were discussed at a key G20 meeting and India’s inputs will play an important role in formulating a comprehensive global policy for crypto assets.

“Members welcomed the high-level recommendation of the Financial Stability Board (FSB) on crypto asset activities. Members also discussed the presidency note that India had prepared and noted it would be an important input towards prioritising areas of work essential for achieving a comprehensive, cohesive, and coordinated global policy and regulatory framework. Several members appreciated India for bringing up this issue,” Sitharaman said while addressing the media in Gandhinagar after the conclusion of the 3rd meeting of G20 Finance Ministers and Central Bank Governors (FMCBGs).

“Now that discussions on cryptocurrencies are widening, there is a common view that a global understanding is required for regulating crypto assets and (their) implications on emerging markets and developing economies. There are even small countries which are under the impact of unregulated crypto assets,” She said when asked about India’s stand on digital assets.

When asked how cryptos will be regulated under FSB regulations, the Finance Minister said the synthesis report, to be jointly prepared by the International Monetary Fund (IMF) and FSB, is expected to come and then a “discussion will take place on the inputs which we have given in the President’s note. Can’t guess now. We have to wait till the next summit.”

While the work of preparation of ‘synthesis paper’ is underway, India has submitted a ‘Presidency Note’ to the G20 membership laying down important inputs for a roadmap on crypto assets, said an official release. The roadmap, to be contained in the synthesis paper, will support a coordinated and comprehensive policy and regulatory framework taking into account the full range of risks related to crypto assets, it said.