Lok Sabha Question No. 3050 (UNSTARRED), answered on 2023-03-20
Subject: G-20 Finance Minister and Central Bank Governors Meet
Ministry: FINANCE
Asked by: Bidyut Baran Mahato, Sambhajirao Mane Dhairyasheel, Sanjay Sadashivrao Mandlik, Sudheer Gupta, Prataprao  Jadhav, Shrirang Appa Barne

## GOVERNMENT OF INDIA MINISTRY OF FINANCE DEPARTMENT OF ECONOMIC AFFAIRS

## LOK SABHA UN-STARRED QUESTION NO. 3050

TO BE ANSWERED ON MONDAY, MARCH 20, 2023

## G-20 FINANCE MINISTER AND CENTRAL BANK GOVERNORS MEET QUESTION

*3050 SHRI BIDYUT BARAN MAHATO, SHRI DHAIRYASHEEL SAMBHAJIRAO MANE, SHRI SANJAY SADASHIVRAO MANDLIK, SHRI SUDHEER GUPTA, SHRI PRATAPRAO JADHAV AND SHRI SHRIRANG APPA BARNE:

## Will the Minister of FINANCE be pleased to state:

- a. Whether  first  meeting  of  G-20  Finance  Minister  and  Central  Bank  Governors (FMCBG) was held recently in the country;
- b. if so, the details and the outcome thereof along with the details of the discussion held in the said meeting;
- c. whether any decision has been taken by the participant members regarding future of cryptocurrency in the said meeting;
- d. if so, the details thereof and the country's stand on the regulation of cryptocurrency in the said meeting;
- e. the steps taken by the Government to strengthen coordination between India and G-20 Central Bank Governors in the said meeting; and
- f. whether Financial Stability Board (FSB) has finalized its recommendations on the regulation,  supervision  and  oversight  of  global  stablecoins,  crypto-asset  markets  and activities and if so, the details thereof?

## ANSWER

## MINISTER OF STATE FOR FINANCE (SHRI PANKAJ CHAUDHARY)

(b) The  First  G20  Finance  Ministers  and  Central  Bank  Governors  (FMCBG)  Meeting under the Indian Presidency of the G20 was held in Bengaluru during 24-25 February 2023,  covering  subjects  like  international  financial  architecture,  sustainable  finance, infrastructure, financial sector, financial inclusion, global economy, health and international taxation.

The  outcome  of  the  meeting  was  the  G20  Chair's  Summary  &  Outcome  Document, comprising 17 paragraphs and 2 Annexes. The  Chair's Summary  reflects the deliberations held during the meeting. The same can be accessed at the following link https://www.g20.org/content/dam/gtwenty/gtwenty\_new/document/1st%20FMCBG%20 Chair%20Summary.pdf

(c) and (d): The details of discussions among the G20 Finance Ministers and Central Bank Governors regarding future of cryptocurrency have been recorded in para 15 of the G20 Chair's Summary & Outcome Document, which may be seen at the following link https://www.g20.org/content/dam/gtwenty/gtwenty\_new/document/1st%20FMCBG%20 Chair%20Summary.pdf

(e): Following the regular G20 practice, the Central Bank Governors meet regularly three to four times in a year under the ambit of the G20 Finance Ministers and Central Bank Governors (FMCBG) Meetings. This platform acts as a coordination mechanism for G20 Central Bank Governors. In the recently concluded FMCBG meeting, an informal meeting of  Central  Bank  Governors  was  held  on  February  24,  2023  to  set  the  tone  for  the discussions,  which  was  chaired  by  Governor,  RBI.  The  Central  Bank  Governors  had discussions  on  growth  prospects,  inflation,  financial  sector  issues,  and  global  policy cooperation.

(f): No Sir.