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Issues related to crypto assets require immediate attention and the response of the G20 has to ensure that they do not lose any potential benefits while protecting economies from harm, Union Finance Minister <keyword id="129243" type="General" weightage="50" keywordseo="nirmala-sitharaman" source="Orion">Nirmala Sitharaman</keyword> has said. <keyword id="679937" type="General" weightage="100" keywordseo="sitharaman" source="Orion">Sitharaman</keyword> was part of a brainstorming session on "Macrofinancial Implications of Crypto Assets" with G20 finance ministers and central bank governors at the IMF's headquarters here on Friday. India currently holds the rotating annual presidency of G20 countries. Issues related to crypto have emerged as a major point of discussion among G20 countries and there is unanimity among member nations about the urgency to regulate this sector. The brainstorming session was attended by global experts on this issue. In her remarks, Sitharaman said the G20 acknowledges the work of the International Monetary Fund (IMF) and the <keyword id="112428" type="General" weightage="80" keywordseo="financial-stability-board" source="Orion">Financial Stability Board</keyword> (FSB) in bringing out key elements of policy and regulatory framework. She also said a synthesis paper, which would integrate macroeconomic and regulatory perspectives of crypto assets, is required. The minister noted that there was consensus among G20 members to have a globally coordinated policy response on crypto assets that takes into consideration the full range of risks, including those specific to emerging markets and developing economies. Earlier this week, Sitharaman had said that India's G20 Presidency aims to develop a common framework for all countries to deal with risks associated with cryptocurrencies in the wake of the recent shocks witnessed in the crypto market. The last year episode of FTX's bankruptcy, and its spat with Binance triggered a huge sell-off in the market and reduced liquidity. This event made the world realise the vulnerability of this asset class as they do not have any underlying value. "Cryptocurrencies are a very important part of the discussion under the #G20India presidency, given so many collapses and shocks in cryptocurrencies. We seek to develop a common framework for all countries to deal with this matter," she had said at a discussion at Peterson Institute for International Economics here. According to the chair's summary released at the end of the two-day meeting of the first Finance Ministers and Central Bank Governors (FMCBG) held in February, the grouping will be looking forward to the IMF-FSB Synthesis Paper on crypto assets. "I am glad to say one thing: there is almost a clear understanding that anything outside the central bank is not a currency. And this is a position that India has been taking for a very long time and we are glad that such a position of India is now also getting acknowledgement from so many different members. People recognise that the technology is very useful for fintech," she had said after the conclusion of FMCBG. Further, in July, the FSB's paper on crypto assets regulation will be tabled so that it could be discussed at the next meeting of the finance ministers and central bank governors. The International Monetary Fund-Financial Stability Board (IMF-FSB) synthesis paper will be submitted in September, she added. Despite the rapid evolution of the crypto universe, there is no comprehensive global policy framework for crypto assets. Given the concerns over greater interconnectedness between crypto assets and the traditional financial sector as well as the complexity and volatility around crypto assets, policymakers are calling for tighter regulation. The global standard-setting bodies, such as the Financial Action Task Force (FATF), Financial Stability Board (FSB), Committee on Payments and Market Infrastructures (CPMI), International Organization of Securities Commissions (IOSCO) and Basel Committee on Banking Supervision (BCBS), have been coordinating the regulatory agenda while working within their respective institutional mandates. India hopes to broaden the G20 discussion on crypto assets beyond financial integrity concerns and capture the macroeconomic implications and widespread crypto adoption in the economy. This will require a data-based and informed approach to the global challenges and opportunities of crypto assets, allowing G20 members to shape a coordinated and comprehensive policy response. SEE ALSO: <a href="https://www.businessinsider.in/business/auto/news/ather-finally-focuses-on-affordable-electric-scooters-after-losing-its-lead-to-ola-electric-and-tvs-motor/articleshow/99456189.cms">Ather finally focuses on affordable electric scooters after losing its lead to Ola Electric and TVS Motor</a> <a href="https://www.businessinsider.in/tech/news/17-of-people-store-financial-information-on-their-smartphones/articleshow/99426637.cms">Despite a rise in financial frauds, 17% of people store financial information on their smartphones</a> <a href="https://www.businessinsider.in/tech/news/most-common-passwords-can-be-easily-cracked-by-ai-in-under-a-minute/articleshow/99379900.cms">AI chatbots are cracking the code: How PassGAN can break into 51% of common passwords in under a minute</a>

Crypto issue requires immediate attention, says FM Sitharaman

<ul><li><keyword id="2193792" type="PERSON" weightage="20" keywordseo="Dr-Gulshan-Rai">Dr Gulshan Rai</keyword> is India’s first and former cybersecurity coordinator. </li><li>He has been appointed as the <keyword id="11719073" type="UNKNOWN" weightage="20" keywordseo="Blockchain-and-Crypto-Assets-Council">Blockchain and Crypto Assets Council</keyword>'s (BACC) Advisory Board Member.</li></ul>The Blockchain and Crypto Assets Council (BACC), an industry body formed under the aegis of the Fintech Convergence Council of the <keyword id="128625" type="ORGANIZATION" weightage="20" keywordseo="Internet-and-Mobile-Association-of-India">Internet and Mobile Association of India</keyword> (IAMAI), has announced the appointment of Dr Gulshan Rai, India’s first and former cybersecurity coordinator, as its Advisory Board Member. Dr Rai is also serving as a distinguished fellow, ORF. Dr Rai has over 30 years of experience in information technology, including e-governance, cybersecurity, and cyber laws. He played an instrumental role in drafting national policies on cyber laws and cyber security. He represented the country in various internet governance and cybersecurity discussions. He had held several key positions under the Government of India. Dr Rai had served as the Director-General, CERT-in (Indian Computer Emergency Response Team), Ministry of Communications and Information Technology and Executive Director, ERNET India. He was also the group coordinator, e-security and cyber law division, Ministry of Communications and Information Technology, Government of India. Commenting on his appointment, Naveen Surya, Advisory Board Member, <keyword id="11779374" type="UNKNOWN" weightage="20" keywordseo="iamai-bacc">IAMAI-BACC</keyword>, said: “It’s a privilege and a proud moment for us to have Dr Rai on board. His vast experience will help shape BACC further and lay a very strong and secure foundation for this innovative industry. It’s an impetus for the industry, which is at a nascent stage but has bigger dreams. We feel privileged that Dr Rai’s rich experience will be tremendously beneficial for the council and continue to drive the industry in the right direction.” Dr Rai said: “I am extremely delighted to be an Advisory Board member of IAMAI-BACC. The council is playing an active role in paving the way for blockchain and crypto in the country in an appropriate manner. I am keen to share my contribution to the industry and excited to do my bit for the betterment and growth of our nation.” The Blockchain and Crypto Assets Council (BACC) is an industry body formed under the aegis of the Fintech Convergence Council of IAMAI to represent the crypto industry in India. BACC has been supporting the crypto industry since 2017. It was formed with the vision of doing public advocacy for the industry, to increase awareness about crypto and provide industry guidance. All major crypto exchanges are members of this industry body.

IAMAI-BACC appoints India’s first cyber security coordinator Dr Gulshan Rai as its Advisory Board Member

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Crypto issue requires immediate attention, says FM Sitharaman

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IAMAI-BACC appoints India’s first cyber security coordinator Dr Gulshan Rai as its Advisory Board Member

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