Participants from India and the U.K. discussed global crypto asset developments, stressing the need for robust risk management strategies, at the India-UK 2nd Financial Markets Dialogue.
The joint statement from India-U.K. noted, “Scope for augmenting knowledge on Central Banking Digital Currency (CBDC) through mutual learning was explored. Participants discussed international developments regarding crypto assets, the importance of robust global approaches, and progress in delivering the G20 Roadmap.”
India and U.K. stated that the failure of the FTX and subsequent sell-off in the market had highlighted the crypto realm’s weaknesses.
The statement added that U.S. regulators had declared Bitcoin, Ethereum, and several other crypto assets ineligible securities.
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The statement indicated that the organizers kept Indian participants updated on changes in India’s regulatory approach to insurance to enhance business accessibility and promote the entry of new firms, thus increasing insurance penetration.
The statement added, “Financial Cooperation is one of the key elements of the 2030 Roadmap adopted during the 2021 meeting of the two Prime Ministers. Both countries agreed there is significant scope for strengthened financial services cooperation between India and the U.K., and agreed to hold the next Financial Markets Dialogue in India in 2024.”
Recently, the Indian FM said that G20 Members call for global crypto regulations while speaking at a news conference after the second G20 FMCBG meeting. According to Sitharaman, the G20 and its member countries concur that a standalone country will not be feasible to independently and autonomously deal with crypto assets.
