G20 finance leaders adopt roadmap on crypto assets

Communique points to need for transformative changes at MDBs to tackle global challenges

- Rhik Kundu

• $3 tn increase in MDBs' annual spending by 2030
• $1.8 tn for additional climate action, $1.2 tn for other SDGs

The finance ministers and central bank governors of G20 nations have adopted a roadmap to regulate crypto assets, as proposed by the Financial Stability Board (FSB) and the International Monetary Fund (IMF), at their meeting in Marrakesh, Morocco.

Additionally, they have committed to advancing important proposals from the New Delhi Leaders Declaration, according to the communique issued on Friday.

The FSB and IMF proposals focus on regulations rather than an outright ban to prevent crypto assets from destabilising the world economy.

The communique also highlighted the need for transformative changes in the operating models and financing capacities of multilateral development banks (MDBs) to tackle global challenges, as was recommended in a twopart report by an independent expert group led by economists N.K. Singh and Lawrence Summers.