Active Discussions are Happening on Issues Related to Crypto Assets in G20 Under India's Presidency: Nirmala Sitharaman In her inaugural address at the Global Fintech Fest 2023, Sitharaman also emphasized and called for global collaboration across different areas. She also urged the global investors and innovators to embrace India's resilient economy and its thriving fintech ecosystem.
By Priya Kapoor
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India's presidency has put on table in the G20, issues related to regulating or understanding that there should be a framework for handling issues related to crypto assets, said Finance Minister Nirmal Sitharaman on Tuesday.
In her inaugural address at the Global Fintech Fest 2023, the Finance Minister said, "Active discussions are happening. Content rich papers from institutions like IMF, FSB, OECD are all being discussed on various issues and on crypto. IMF and FSB have also given their synthesis paper."
The minister further revealed that multilateral development banks, their reforms and recommendations of an expert high level expert groups are also being discussed in the G20 under India's presidency.
Even discussions on debt distress under the Indian presidency are happening in the G20 seeking global collaboration and finally on tax evasion and tax related matters, particularly when technology driven companies are not breaking any physical borders, profits are being made, and money is being made from one territory but they are registered elsewhere. "So how does taxation work? Does the country from where the revenues are generated benefit from it? Even on that front, G20 under the Indian Presidency is discussing the two pillar tax solutions," said the minister.
At the Global Fest, Sitharaman also emphasized and called for global collaboration across different areas, "Unless there is global collaboration, the areas that I'm going to talk about will have continuing challenges. A global financial ecosystem and a responsible financial ecosystem cannot happen again without global collaboration," said the minister.
She also urged the global investors and innovators to embrace India's resilient economy and its thriving fintech ecosystem. On the Global Fintech Fest, she said, " You have to innovate together, collaborate and drive the future of future of financial technology with GFF. The aim to provide a single and singular platform for Fintech leaders to foster collaboration and to develop a blueprint for the future of industry is a major step and I recognize it. We are also happy to note that the previous edition of the GFF was successful in creating stimulus environment for collaboration at Global Tech for the print tech industry."
