G20 Calls for Swift Implementation of Crypto Asset Roadmap
Amid the rapid global increase of digital asset transactions, G20 finance ministers and central bank governors convened on October 13 to emphasize the importance of implementing the G20 roadmap on crypto assets. The roadmap, which was adopted in July 2023, reflects the shared goal of G20 countries to address the risks associated with crypto assets while fostering financial innovation.
Swift and Coordinated Implementation
In a communique issued during the fourth meeting of the FMCBG, G20 finance ministers and central bank governors urged for swift and coordinated implementation of the roadmap. This includes efforts to establish policy frameworks, extend outreach beyond G20 jurisdictions, encourage global coordination and cooperation, and fill data gaps.
Addressing Crypto Market Volatility
The G20’s action-oriented roadmap on crypto assets seeks to create a structured regulatory framework that instills credibility and security in investments. Additionally, it places a particular focus on the effects of crypto market volatility on Emerging Markets and Developing Economies (EMDEs).
Multilateral Development Banks to be Strengthened
The G20 finance ministers and central bank governors also pledged to strengthen Multilateral Development Banks (MDBs) in efforts to address escalating global challenges. The ministers also lauded the hard work undertaken by the G20 Independent Expert Group (IEG) in compiling the second volume of their report, acknowledging the crucial role of MDBs in fostering development.
Focus on Debt Resolution and Cross-Border Payments
The G20 ministers called for expedited efforts to resolve Sri Lanka’s debt situation and affirmed their dedication to advancing the G20 Roadmap for Enhancing Cross-Border Payments. The unanimous decision was a part of the newly launched G20 2023 Financial Inclusion Action Plan, which aims to advance financial inclusivity and leverage digital public infrastructures.
FATF’s New Initiative on Beneficial Ownership Transparency
The Financial Action Task Force (FATF) also set a new benchmark by finalizing the guidance on trusts and legal arrangements to consolidate beneficial ownership transparency. Countries globally have committed to implement this revised standard, a step towards a safer financial environment.
Brazil’s Upcoming G20 Presidency
Furthermore, the announcement of Brazil as the G20’s new presiding country has been warmly received. The global community is eager to see Brazil’s leadership in advancing international economic cooperation and fostering economic resilience.
Moving forward, the communique reflects the concerted efforts in line with G20 objectives to promote digital economy, global health, and sustainable finance. The global community looks ahead to Brazil’s forthcoming presidency with the hope of persistent efforts towards economic resilience and growth.
This article contains inputs from PTI Business Today.
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