Global SOP for Crypto Assets, Debt Servicing & Financing Key Agendas as India Hosts G20: FM to News18

Creating a global SOP (Standard Operating Procedure) to regulate crypto assets will be one of the key agendas at the upcoming meeting with G20 countries, finance minister Nirmala Sitharaman told Network18’s Group Editor-in-Chief Rahul Joshi in an exclusive interview on Friday.

“We will be looking at global SOP to be available and agreed upon for regulating crypto assets while recognising the central bank as the authority for issuing cryptocurrencies,” Sitharaman said.

Sitharaman will be meeting finance ministers and central bank governors of G20 countries later this month in Bengaluru where she will discuss the debt situation globally, having better leverage over existing funds and multi-lateral fiance institutions such as the IMF and World Bank and their reforms. “The agenda is very well determined. Will be focusing on debt service and financing,” she said.

The cryptocurrency did get a mention on January 31 in the Economic Survey for the first time, but it was mostly to highlight the risks and volatility in the sector.

Sitharaman also pointed out middle-income countries, which have suddenly fallen into “vicious” debt traps, and India will ensure that the international institutions have “enough funds” to help out such nations.

Sri Lanka is currently reeling under its worst financial crisis since independence in 1948, with rising inflation, a recession and currency depreciation.

In the Union Budget 2023, the government allocated over Rs 990 crore towards India’s G20 presidency, which will culminate with the G20 Summit in New Delhi in September this year.

The government also increased capital expenditure by 7% from Rs 1,416.23 crore in FY2022-23 to Rs 1,520.21 crore in FY2023-24.

The Ministry of External Affairs (MEA) has been allocated a total of Rs 18,050 crore in the Budget 2023, an increase of 4.64% over last year’s Rs 17,250 crore.

As part of India’s ‘Neighbourhood First’ policy, the largest share of aid portfolio has been granted towards Bhutan with the allocation of Rs 2,400 crore, which is 41.04% the MEA’s development assistance.

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