With war still raging in Ukraine and the country getting donations in cryptocurrency, the G20 meets. Crypto is expected to be on the agenda.
Cryptocurrency is on the agenda of the G20 finance ministers and central bank governors. The group is set to discuss global economies, with an emphasis on developing economies. It’ll also look at inflation in world economies in its discussions.
A news release from Reuters said that the meeting is scheduled for February 22–25 in the Indian city of Bengaluru. Officials who released a statement on Tuesday said that the gathering would be the first major event of India’s presidency of the organization.
The meeting coincides with the anniversary of Russia’s invasion of Ukraine on February 24, 2022. It is likely that discussions about the war would be high on the agenda.
The Nandi Hills summer retreat venue is near Bengaluru. India has played a moderate role so far in the war. It is one of the countries that Russia looks upon as trading partners after NATO imposed sanctions on the country.
Other issues on the agenda are debt restructuring for troubled economies and debt relief for middle-income countries. The organization will seek ways to ramp up aid to Ukraine. The US Treasury Secretary is expected to be at the event. His discussions with China will target debt relief for low-income countries.
Cryptocurrency is also an issue on the board. The group would discuss possible regulations. They’ll also look at the reform of developmental banks and international taxation.
Ukraine has received aid in cryptocurrency after the invasion by Russia. It is the first country to do so. The donation to the potential of digital currency in finance.
Crypto regulations require concerted effort
On the regulation of cryptocurrencies, the Indian finance minister, Nirmala Sitharaman, said that a concerted effort is needed.
“We are talking to all nations,” Sitharaman told reporters after meeting the central bank’s directors in New Delhi. “If it requires regulation, then one country alone cannot do anything. We are talking with all nations to see if we can make some standard operating procedures that are followed by everyone to make a regulatory framework and if it can be effective.”
The statement from officials said that the meeting sought to anticipate issues that would arise and offer solutions to them before they did.
Tackling global poverty
Global poverty and debt are important issues for the G20.
“While thinking about the debt concerns faced by countries, it is also important to think about what we can do to forestall them,” India’s Chief Economic Adviser, V Anantha Nageswaran, told reporters at a news conference ahead of the G20 meeting.
The IMF will focus on how to restructure debt at the meeting. The world body will hold a virtual meeting with members of the G7, Saudi Arabia, India, and the World Bank. The aim is to adopt a common standard for debt restructuring.
Image credit: Reuters