Under India’s Presidency, G20 on Saturday reached a consensus on ‘New Delhi G20 Leaders’ Summit Declaration’ and announced its adoption.
Among the key issues discussed at the meeting were building Digital Public Infrastructure, Digital Economy, Cryptoassets, CBDC, among others.
One of the key declarations by the G20 members that needs to be highlighted was the commitment to promote responsible, sustainable and inclusive use of digital technology by farmers and an ecosystem of Agri-Tech start-ups and MSMEs.
Here are the details:
Accountable and inclusive Digital Public Infrastructure
Amid the key focus areas, the G20 members recognised the need of safe, secure, trusted, accountable and inclusive Digital Public Infrastructure (DPI).
In this direction, the members welcome the G20 Framework for Systems of Digital Public Infrastructure, a voluntary and suggested framework for the development, deployment and governance of DPI.
Members also agreed to India’s plan to build and maintain a Global Digital Public Infrastructure Repository (GDPIR), a virtual repository of DPI, voluntarily shared by G20 members and beyond.
One Future Alliance (OFA), a voluntary initiative aimed to build capacity, and to provide technical assistance and adequate funding support for implementing DPI in low- and-middle-income countries (LMICs) was also agreed upon.
Also Read: ‘47 years target met in 6 years’: World Bank praises India’s digital public infrastructure
Resilience and trust in Digital Economy
At the Summit, the leaders identified that an enabling, inclusive, open, fair, non-discriminatory and secure digital economy is increasingly important for all countries and stakeholders while respecting applicable legal frameworks.
In this direction, the G20 members welcome the non-binding G20 High-level Principles to Support Businesses in Building Safety, Security, Resilience, and Trust in the Digital Economy.
Members resolve to deploy all available digital tools and technologies and spare no effort in fostering safe and resilient digital ecosystems, and ensuring that every citizen on our planet is financially included.
The G20 members also agreed to commit to promote responsible, sustainable and inclusive use of digital technology by farmers and an ecosystem of Agri-Tech start-ups and MSMEs.
They welcomed the establishment of the Global Initiative on Digital Health (GIDH) within a WHO-managed framework to build a comprehensive digital health ecosystem incompliance with respective data protection regulations.
The members will also leverage digital technologies for the protection and promotion of culture and cultural heritage and adopt digital frameworks for the development of cultural and creative sectors and industries
Crypot assets ecosystem
The G20 members said to closely monitoring the risks of the fast-paced developments in the crypto-asset ecosystem.
They endorse the Financial Stability Board’s (FSB’s) high-level recommendations for the regulation, supervision and oversight of crypto-assets activities and markets and of global stable coin arrangements.
We ask the FSB and SSBs to promote the effective and timely implementation of these recommendations in a consistent manner globally to avoid regulatory arbitrage. We welcome the shared FSB and SSBs workplan for crypto assets, the declaration said.
We welcome the IMF-FSB Synthesis Paper on crypto, 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 (EMDEs) and ongoing global implementation of FATF standards to address money laundering and terrorism financing risks, it added.
Members also shared that the Finance Ministers and Central Bank Governors will discuss taking forward the Roadmap at their meeting in October 2023. We also welcome the BIS Report on The Crypto Ecosystem: Key Elements and Risks
Discussions were also held on the potential macro-financial implications arising from the introduction and adoption of Central Bank Digital Currencies (CBDCs), notably on cross-border payments as well as on the international monetary and financial system.
BIS Innovation Hub (BISIH) Report on Lessons Learnt on CBDCs was highlighted at the meet and the members look forward to the IMF Report on Potential macro-financial implications of widespread adoption of CBDCs to advance the discussion on this issue.
