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Finance Minister Nirmala Sitharaman said India will press for collective efforts to deal with the spillovers of happenings in advanced economies as well as global regulation of crypto assets to check terror funding under its G20 presidency. She outlined eight priority areas, including reforms in multilateral institutions and food and energy security, for discussion under its G20 presidency which will begin from December 1. India will take over the presidency of G20, which is a grouping of 20 developed and developing nations, from Indonesia.

India is taking over the presidency at a crucial juncture when the world is facing multiple headwinds on account of the Russia-Ukraine war, increasing crude oil prices, rising interest rates and slowdown in global demand. Sitharaman said ‘We are probably at a very comfortable stage in the sense of comparing with other economies, our macroeconomic fundamentals are fine’, and added that emerging markets always face the collateral and unintended spillovers of happenings in the developed countries. She said at the G20 forum India is constantly maintaining its position and voicing the concerns of emerging markets and low- and middle-income countries.

Talking about to issues associated with crypto assets, the finance minister said there is a need for global regulation to prevent their misuse for terror funding and money laundering. She said ‘…how crypto assets can be regulated with all countries on board because no one single country can succeed individually, being in a silo and trying to regulate the crypto assets’. She said concerted action is required so that the money trail is established and unregulated crypto assets are not used for drug funding, terror funding or gaming the system. She added that various international bodies are working on regulations for crypto assets and those have to brought on the table for a meaningful discussion at the G20.