The G20 finance ministers have urged quick and coordinated implementation of the G20 roadmap to address the concerns surrounding digital assets.
The International Monetary Fund (IMF) and Financial Stability Board (FSB) together produced a Synthesis Paper that outlined the G20 Roadmap on Crypto Assets that was endorsed by the G20 Finance Ministers.
“We endorse the Roadmap on Crypto Assets outlined in the Synthesis Paper as a G20 Roadmap…A statement released on Thursday during the fourth meeting of the FMCBG stated, “We call for swift and coordinated implementation of the G20 Roadmap, including implementation of policy frameworks, outreach beyond G20 jurisdictions, global coordination, cooperation and information sharing, and addressing data gaps.
On the fringes of the IMF and World Bank annual meetings in Marrakesh, Morocco, the Finance Ministers and Central Bank Governors (FMCBG) of G20 countries gathered.
The present Israel-Hamas conflict was not mentioned in the communiqué, though. Since October 6, the fighting has claimed at least 2,800 lives in Israel and Gaza and thousands more have been injured.
Finance Minister Nirmala Sitharaman responded, “The communique was released last evening after the first session and there were not very many discussions on the conflict, so it did not find a place on the in the communique. The Israel-Hamas war has implications for the world economy.
“The recent crisis in the Middle East and the concerns about fuel (price rise) are back again,” she remarked in reference to how the war was affecting the world economy. Many nations do have these concerns, and they have also stated them. Peace-related worries and uncertainties generate concerns about issues of food security and supply chain fragmentation.
Sitharaman responded that this India endeavor is for long-term benefit and short-term development will have no affect on it when asked about the impact on the ambitious India-Middle East-Europe Economic Corridor (IMEC).
In her remarks on the G20 Roadmap on Crypto Assets, she described it as a thorough and action-oriented roadmap that will assist in coordinating global policy as well as the development of mitigating strategies and regulations on such assets while also taking into account the specific implications on Emerging Markets and Developing Economies (EMDEs).
Finance Minister Nirmala Sitharaman stated at the Marrakesh media briefing that going ahead, the IMF and the FSB will regularly update G20 meetings on the status of the roadmap.
According to her, the G20 has requested that relevant jurisdictions establish an acceptable and coordinated schedule for the start of exchanges under the Crypto Assets Reporting Framework (CARF).
She noted that in light of the ambitions of a sizable number of jurisdictions, it has been agreed that the information exchanges.
It applauded the good steps taken by FATF to update its criteria for asset recovery and strengthen international asset recovery networks in order to further efforts made by countries throughout the world to swiftly and effectively recover illegal proceeds.
In addition to these conclusions, the communique, according to the statement, represents the findings of the different G20 Finance Track workstreams that were concluded after the July FMCBG conference and the G20 New Delhi Summit.
The communique also expressed support for Brazil’s future G20 presidency and looked forward to continuing efforts to improve international economic cooperation in order to achieve robust, sustainable, balanced, and inclusive growth.