G20 Pledges Swift And Coordinated Implementation Of Crypto Asset Roadmap
In the recent G20 meeting on October 13, 2023, the finance ministers and central bank governors unanimously endorsed an action-oriented roadmap coordinated at the global level to address the rising concerns related to crypto assets. The roadmap, adopted earlier in July, outlines pivotal policy measures that G20 member countries can adopt to curb the risks linked with crypto assets while also supporting innovation and securing financial inclusion.
G20’s Intensive Collaboration
The G20’s roadmap acknowledges the rapid evolution of the digital asset ecosystem globally and aims at addressing both emerging opportunities and anxieties. It is a significant step taken towards establishing a robust regulatory infrastructure and ensuring secure and credible investments.
Crucial Focus on Emerging Markets
The roadmap also sheds light on the implications for Emerging Markets and Developing Economies (EMDEs) that are anticipated to be significantly affected by the volatility of the crypto market.
Alignment with New Delhi Leaders Declaration
The press statement issues by the finance ministry indicates a strong alignment with the G20 New Delhi Leaders Declaration (NDLD). It reflects the favorable impact of the consensus achieved at this year’s Leaders’ Summit.
Strengthening Multilateral Development Banks
Policy and finance ministers from G20 countries have pledged to strengthen Multilateral Development Bank (MDBs) governance to combat global challenges in the 21st century.
Considerable Importance of MDBs
The G20 Finance Ministers applauded the essential work undertaken by the G20 Independent Expert Group (IEG) and acknowledged the inevitable role of the Multilateral Development Banks in addressing global hurdles and fostering development.
Urged Comprehensive Report by IMF and World Bank
The G20 FMCBG has urged the International Monetary Fund (IMF) and World Bank to furnish a detailed report at their forthcoming meeting, focusing on bolstering domestic resource mobilization in Emerging Market and Developing Economies (EMDEs).
Resolution to the Debt Situation of Sri Lanka
Beyond the Common Framework, the G20 Finance Ministers & Central Bank Governors have unanimously called for endeavours to resolve the debt situation of Sri Lanka.
Advancing the G20 Roadmap for Enhancing Cross-Border Payments
The G20 Finance Ministers have resolved to advance the G20 Roadmap for Enhancing Cross-Border Payments. Under the newly launched G20 2023 Financial Inclusion Action Plan.
Focus on Financial Inclusion
The Global Partnership for Financial Inclusion will continue to advocate for financial inclusivity across access, usage, and quality for individuals and MSME’s, leveraging innovative digital public infrastructures.
Consolidating Beneficial Ownership Transparency
The Financial Action Task Force has set a new benchmark by finalising the guidance on trusts and legal arrangements. It has aimed to consolidate beneficial ownership transparency, suppressing money laundering and terrorist financing.
Warm Reception for Brazil’s New Presidency
With Brazil preparing to take on its new role as the presiding country, the global community looks forward to its leadership in driving the G20’s vision for a prosperous and inclusive growth. This aims to foster international economic cooperation and enhance economic resilience across the globe.
I have been featured in numerous publications, both online and offline, and am a regular speaker at industry events. I am also the founder of Crypto University, an online educational platform that helps people learn about cryptocurrencies and blockchain technology. In addition to my writing and teaching career, I am also an active investor in the cryptocurrency space. I have made investments in some of the leading projects in the space, and my portfolio has outperformed the market by a wide margin