Following the recent virtual G20 summit, world leaders reached consensus on a comprehensive strategy for regulating cryptocurrencies. Finance Minister Nirmala Sitharaman today outlined a plan to mitigate financial risks associated with digital assets, particularly in developing countries. The agreed approach is designed to be consistent with the guidance of the International Monetary Fund (IMF) and the Financial Stability Board (FSB), with a focus on regulation as a means of managing risks rather than outright prohibition and simple.
Summit outcomes include unanimous support for five key financial initiatives:
- Strengthen the role of multilateral development banks (MDBs) in global finance.- Improve digital financial inclusion infrastructure.- Establish a robust framework for monitoring cryptocurrencies.- Allocate resources for climate finance.- Finance infrastructure development for the cities of the future, in line with the objectives set at the New Delhi Declaration in September.
The United States called for increased financing from the World Bank, while Germany committed new capital to strengthen the World Bank’s lending capabilities. These developments demonstrate a global commitment to address emerging financial challenges while promoting sustainable economic growth.
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