Narendra Modi, the Prime Minister of India participated in the discussion on crypto assets at the G20 leaders’ summit held in Osaka, Japan. At the end of the summit, the leaders of the G20 countries collectively declared their promise to apply the crypto standards set by the Financial Action Task Force (FATF). Nirmala Sitharaman, the new finance minister of India also came together with the other G20 finance ministers to declare the same commitment. 

Along with Nirmala Sitharaman, the Finance Secretary, Subhash Chandra Garg also attended the meeting. Garg is also India’s Secretary of Economic Affairs and heads an international committee. This committee is responsible for making a draft of the crypto regulatory framework for India, Garg last month said that the report which contains the recommended framework was ready for submission to the finance minister for approval. 

Suresh Prabhu, India’s sherpa to the G20 explained about various discussions Modi has participated in at the two-day G20 leaders’ summit. The summit took place from 28 to 29 June 2019. Furthermore, India will be hosting the G20 summit in 2022.

Prabhu said that India has looked forward to the G20 for a number of reasons. He further added that India’s delegation leader, Prime Minister Narendra Modi raised a number of issues of global concern. Moreover, he also highlighted India’s new innovation which would make a change and benefit all. 

In the words of Prabhu, the idea of implementing crypto standards was held in the discussion by the G20 leaders at the summit. He confirmed that finance will be a crucial issue in the economy. Therefore, the issues concerning global finance whether it is related to the implementation of recently amended FATF standards or new innovations in the field were also discussed. 

By the end of the summit, the leaders of G20 nations inclusive of India collaboratively issued a declaration which included the statement:

“We, the leaders of the G20, met in Osaka, Japan on 28-29 June 2019 to make united efforts to address major global economic challenges … We reaffirm our commitment to applying the recently amended FATF standards to virtual assets and related providers for anti-money laundering and countering the financing of terrorism.”

The FATF is an intergovernmental organization which is responsible for the development of global policies in the fields such as money laundering. The FATF currently has 37 member jurisdictions which includes India. Lately, India’s Department of Revenue had been working jointly with FATF on the global standards of cryptocurrency assets. 

What do you think about this G20 summit? What impact will it have on the crypto-world? Let us know in the comment section below.