G20 Summit 2023 New Delhi Declaration Crypto Regulation Policy Global Consensus Emerging IMF FSB CBDC Digital Rupee

Prime Minister Narendra Modi announced on Saturday that the G20 had achieved unanimous agreement on a leaders' declaration. Among other notable developments, it appears that the much-discussed global coordination on crypto regulation has taken a solid step forward, as Finance Minister Nirmala Sitharaman said that a “global consensus” is emerging on virtual digital asset policies. Sitharaman said, “Global push for clearer policies on crypto assets have gained momentum, global consensus emerging.” The Union minister added that the presidency will support the International Monetary Fund and the Financial Stability Board for a “globally coordinated crypto regulatory framework.” Earlier this week, the two global bodies unveiled a joint synthesis paper, which laid the groundwork for a comprehensive framework. We welcome the IMF-FSB Synthesis Paper, including a Roadmap, that will support a coordinated and comprehensive policy and regulatory framework taking into account the full range of risks and risks specific to the emerging market and developing economies and ongoing global implementation of FATF standards to address money laundering and terrorism financing risks. We also welcome the BIS Report on The Crypto Ecosystem: Key Elements and Risks.” The declaration also mentioned Central Bank Digital Currencies, saying that discussions were welcomed on “the potential macro-financial implications arising from the introduction and adoption of CBDCs, notably on cross-border payments as well as on the international monetary and financial system.” “We welcome the BIS Innovation Hub Report on Lessons Learnt on CBDCs and look forward to the IMF Report on Potential macro-financial implications of widespread adoption of CBDCs to advance the discussion on this issue,” the statement added.