G20 Calls For Swift Implementation Of Crypto Asset Framework
Policy Measures Adopted in Synthesis Paper Outlined, Communique Says
The G20 finance ministers and central bank governors held their fourth meeting on October 13, 2023, where they called for swift and coordinated implementation of the G20 roadmap for dealing with crypto assets. The communique issued during the meeting specified the need for policy frameworks, outreach beyond G20 jurisdictions, global coordination, cooperation, and information sharing, as well as addressing data gaps.
G20 Roadmap on Crypto Assets
According to the communique, the G20 has adopted a roadmap proposed in the Synthesis Paper and called for its swift and coordinated implementation. The roadmap, crafted to address the risks associated with crypto assets, outlines a number of policy measures that G20 countries can take, aiming to support innovation and promote financial inclusion. The G20’s focus on creating a structured regulatory framework seeks to instill investments in emerging funds with credibility and security, as the digital asset ecosystem is evolving rapidly.
Global Impact on Emerging Markets and Developing Economies (EMDEs)
In light of the escalating volatility in the crypto market and its potential impact on emerging markets and developing economies (EMDEs), the G20 roadmap has attracted significant attention. Leaders from the finance ministry pointed out that the roadmap also focuses on the implications for EMDEs, which are expected to bear the brunt of the crypto market’s volatility.
Rallying for Multilateral Development Banks (MDBs)
In addition to addressing the challenges posed by crypto assets, the G20 finance ministers reaffirmed their pledge to strengthen Multilateral Development Banks (MDBs), emphasizing that their boards are well-placed to decide on necessary capital increases and adopt measures corresponding to those laid down by the Corporación Andina de Fomento (CAF).
Further Collective Actions
Furthermore, the G20 finance ministers and central bank governors have urged the International Monetary Fund (IMF) and World Bank to provide a comprehensive report detailing the efforts undertaken to bolster domestic resource mobilization in EMDEs. In addition, they have unanimously called for expedited efforts to resolve the debt situation of Sri Lanka, expressing appreciation for the International Financial Architecture Working Group for its initiatives.
Advancing Global Objectives
Regarding financial inclusion, the G20 has launched the 2023 Financial Inclusion Action Plan, targeting to enhance cross-border payments and propelling inclusive growth and sustainable development. They also commended the Financial Action Task Force (FATF) for consolidating beneficial ownership transparency as a vital step towards curbing money laundering and terrorism financing.
Outcomes of G20 New Delhi Summit
Reflecting on the outcomes of the recent G20 New Delhi Summit, the communique emphasized the concerted efforts aligned with G20 objectives to promote financial inclusion, digital economy, global health, and sustainable finance.
Brazil’s Upcoming Leadership
The G20 welcomed Brazil as the new presiding country, expressing eager anticipation for its leadership towards enhancing international economic cooperation and enforcing the G20’s vision of prosperous and inclusive growth.
Collaborative Efforts and an Optimistic Outlook
The communique reflects the collective efforts made by the G20 towards promoting economic resilience and fostering international economic cooperation. As the world looks forward to Brazil’s upcoming presidency, the hope remains strong for prosperous and inclusive growth across the globe.
I have been a full-time professional writer for over 10 years, and have written for some of the biggest publications in the world. My work revolves around cryptocurrencies and blockchain technology, and I am widely considered to be one of the leading experts in these fields.I have written two books on the subject matter, and my articles have been featured in major news outlets such as The Wall Street Journal, Forbes, and Huffington Post. In addition to writing, I also give talks and seminars on cryptocurrency investing, and am a regular commentator on CNBC, Bloomberg, and other financial news networks.
