
On the Finance Track, G-20 to push forward on crypto regulation, MDB reforms next month
The HinduPaving the way for a co-ordinated global approach to regulating cryptocurrencies, strengthening multilateral development banks’ lending capacity and replicating the use of digital public infrastructure like the India Stack to expand financial inclusion around the world, were some of the 10 major outcomes achieved under the Finance Track of India’s G-20 presidency. G-20 Summit 2023 Sept. 9 updates Discussions on the regulation roadmap for cryptocurrencies and the bolstering of multilateral development banks’ capacity will continue in Morocco next month, when the G-20 Finance Ministers and Central Bank Governors will meet in Marrakech for the International Monetary Fund and World Bank autumn meetings. The New Delhi Declaration adopted by the G-20 leaders noted that they “continue to closely monitor the risks of the fast-paced developments in the crypto-asset ecosystem” and endorse the Financial Stability Board’s recommendations for the regulation, supervision and oversight of crypto-assets activities and markets and of global stablecoin arrangements. Meeting the demand The G-20 leaders also reached an agreement on the need for “better, bigger, and more effective MDBs” because the developmental demands from around the world are so high, the Finance Minister said, adding that this will enhance the representation and voice of the developing countries in these institutions’ decision making.
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