G20 Delhi Declaration vows to closely monitor risks of fast-paced developments in the crypto, AI

In the G20 Delhi Declaration, G20 Leaders have committed to regulate cryptocurrencies and other digital assets to combat money laundering and terrorism financing. They also committed to regulate AI in a way that lets it to be developed to its full potential, while managing its risks The recent G20 Summit held in New Delhi has endorsed Prime Minister Narendra Modi’s vision for India’s Presidency, which centres around the idea of “We are One Earth, One Family, and We share One Future.” In line with this vision, the leaders of G20 nations have made a commitment to address existing digital disparities and expedite advancements in inclusive and sustainable development. Regulating and drafting policies around crypto and other digital assets The G20 Leaders have committed to monitoring the risks associated with the rapid developments in the crypto ecosystem and other digital assets and endorsed the high-level recommendations of the Financial Stability Board. The leaders aldo acknowledged the insights provided in the BIS Report “The Crypto Ecosystem: Key Elements and Risks.” Exploring the Impact of Central Bank Digital Currency The G20 leaders acknowledged that there might be some potential macro-financial consequences that may arise from the introduction and widespread use of Central Bank Digital Currencies and are looking to explore the impact of CBDCs on cross-border payments and their implications for the international monetary and financial system.