Indian Finance Minister Co-signs G-20 Communiqué That States " crypto-assets can deliver significant benefits to the financial system"

Amidst all the FUD being spread through media regarding some unconfirmed draft bill with some stringent clauses for banning of cryptocurrencies in India, Indian Finance minister recently attended the G-20 meeting at Fukoka in Japan.

In the meeting of Finance Ministers and Central Bank Governors of 20 member nations (19 countries + EU) of G-20, the leaders co-signed the document that says:

Technological innovations, including those underlying crypto-assets, can deliver significant benefits to the financial system and the broader economy.

The point to be noted is that this statement is being reaffirmed again as this exact statement was also included in the document released after last years' G-20 summit held at Buenos Aires.

Point-13 of the G-20 Communiqué also states:

While crypto-assets do not pose a threat to global financial stability at this point, we remain vigilant to risks, including those related to consumer and investor protection, anti-money laundering (AML) and countering the financing of terrorism (CFT). We reaffirm our commitment to applying the recently amended FATF Standards to virtual assets and related providers for AML and CFT. We look forward to the adoption of the FATF Interpretive Note and Guidance by the FATF at its plenary later this month. We welcome IOSCO’s work on crypto-asset trading platforms related to consumer and investor protection and market integrity. We welcome the FSB’s directory of crypto-asset regulators, and its report on work underway, regulatory approaches and potential gaps relating to crypto-assets. We ask the FSB and standard setting bodies to monitor risks and consider work on additional multilateral responses as needed. We also welcome the FSB report on decentralized financial technologies, and the possible implications for financial stability, regulation and governance, and how regulators can enhance the dialogue with a wider group of stakeholders. We also continue to step up efforts to enhance cyber resilience, and welcome progress on the FSB’s initiative to identify effective practices for response to and recovery from cyber incidents.

I'm sharing this news to undermine the negative sentiments being spread through negative news based on half-truths (refer my post titled "The Truth About The Proposed Indian Crypto Ban" here).

This is the most recent official stance of G-20 member countries including India. This G-20 summit held this weekend was attended by Nirmala Sitraman, the Indian Finance Minister herself.

I hope, this will give you some hope. All leaders welcomed the FSB report on decentralized financial technologies, and the possible implications for financial stability, regulation and governance, and how regulators can enhance the dialogue with a wider group of stakeholders.

So I don't see anything to panic about.

Keep Steeming as always!