G20 Nations Agree on Global Crypto Framework: Report

G20 Nations Agree on Global Crypto Framework: Report

Time Stamp: September 6, 2023 11:05 AM
Source Node: 2867286

India’s presidency of the G20 is poised to leave a significant mark on the global financial landscape, with reports indicating that the participating nations have unanimously agreed on the establishment of a common framework for the regulation of cryptocurrencies. This development, along with other key recommendations, is expected to take center stage during the 18th G20 Heads of State and Government Summit in New Delhi from September 9-10, ANI reported citing official sources.

ANI reports citing official sources that the International Monetary Fund (IMF) and the Financial Stability Board (FSB) have jointly released a synthesis paper laying down the foundation for this comprehensive framework. Subsequently, discussions on this vital initiative will be a prominent agenda item during the upcoming leaders’ summit.

The consensus reached by G20 nations on this global crypto regulation framework represents a significant milestone in the evolving landscape of digital currencies. The framework is expected to provide a structured approach to overseeing cryptocurrencies, potentially mitigating risks associated with their use while promoting innovation in the rapidly expanding crypto sector.

A source within the G20 revealed to ANI, “Indian G20 Presidency recommended the establishment of a common framework for the resolution of debt vulnerability, addressing debt issues in countries like Zambia, Ghana, Ethiopia, and extending support to Sri Lanka from outside the framework.” This reflects India’s commitment to addressing global economic challenges and fostering cooperation among nations.

Furthermore, several working groups have been diligently working on recommendations related to Multilateral Development Banks (MDBs). These groups have proposed measures to address future financing challenges, and there is a growing consensus to establish a USD 200 billion fund to meet financing needs over the next decade.

In addition to financial matters, the G20 nations, under India’s presidency, have undertaken a comprehensive assessment of high volatility in food and energy security. Emphasizing the critical importance of stability in these sectors for sustainable global growth, these issues will be prominently discussed during the leaders’ summit later this week.

Another pivotal area where India has made significant progress is international taxation. Under India’s G20 Presidency, a pillar taxation system on international taxation has been recommended. The efforts in this domain have been described as making “significant progress” so far, indicating the commitment of the G20 nations to address global taxation challenges.

India’s tenure as the G20 president has been marked by an ambitious agenda, with approximately 200 meetings related to the G20 held in 60 cities across the country since taking up the presidency on December 1 last year. The forthcoming G20 Summit in New Delhi will serve as the culmination of these extensive deliberations, bringing together heads of state and government, ministers, senior officials, and civil society representatives.

At the conclusion of the New Delhi Summit, leaders will adopt a G20 Leaders’ Declaration, solidifying their commitment to the priorities discussed and agreed upon during various ministerial and working group meetings. This declaration is expected to set the stage for continued global cooperation and action on pressing economic and financial challenges facing the world today.

As the global financial landscape evolves, India’s G20 Presidency is poised to leave a lasting legacy, with a common framework for crypto regulation, international taxation reforms, and measures to address debt vulnerability and financing challenges at the forefront of its accomplishments. The upcoming G20 Summit in New Delhi promises to be a pivotal moment for international cooperation on these critical issues.

Read Also: Industry Leaders Hopeful for India’s Lead Role In Shaping Global Crypto Regulations

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