G20 ADOPTS CRYPTO ROADMAP, URGES SWIFT IMPLEMENTATION

The G20 2023 Financial Inclusion Action Plan aims to advance financial inclusion in terms of access, usage, and quality for individuals and MSMEs through innovative methods, including digital public infrastructure, to support inclusive growth and sustainable development.

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Finance ministers from the G20 nations have called for the swift and coordinated implementation of a roadmap for dealing with issues related to crypto assets. This roadmap was developed in collaboration with the International Monetary Fund (IMF) and the Financial Stability Board (FSB). The G20 Finance Ministers adopted the G20 Roadmap on Crypto Assets, which includes policy frameworks, global coordination, cooperation, and addressing data gaps. The focus is on developing strategies and regulations for crypto assets while considering their implications for Emerging Markets and Developing Economies (EMDES).

The Finance Ministers and Central Bank Governors (FMCBG) communique drew guidance from the G20 New Delhi Leaders Declaration (NDLD) and benefited significantly from the consensus that was reached at the Leaders' Summit last month, a press statement issued by the finance ministry said.

The communique was unanimously adopted at the fourth and final meeting of the G20 FMCBG under the Indian Presidency in Marrakesh, Morocco on the sidelines of the IMF-WB Annual Meetings.

With regard to Strengthening Multilateral Development Banks (MDBs), the communique said that the ministers committed themselves to pursuing ambitious efforts to evolve and strengthen MDBs to address the global challenges of the 21st century with a continued focus on addressing the development needs of low and middle-income countries. "We re-emphasize the need for an additional push for continued and further impetus for ambitious implementation of the recommendations of the G20 Independent Review of MDBs Capital Adequacy Frameworks (CAFs) within MDBs' own governance frameworks while safeguarding their long-term financial sustainability, with a regular review of the progress of implementation on a rolling basis...," it said.