The G20 Calls for Swift Implementation of Crypto Assets Roadmap
The finance ministers of the G20 nations have urged for the rapid and coordinated implementation of the G20 roadmap to address issues related to crypto assets. This roadmap, outlined in a Synthesis Paper prepared by the International Monetary Fund (IMF) and Financial Stability Board (FSB), focuses on policy frameworks, global coordination, information sharing, outreach beyond G20 jurisdictions, and addressing data gaps.
Key Points from the Communique
The G20 Roadmap on crypto assets is action-oriented and aims to coordinate global policy while considering the implications for Emerging Markets and Developing Economies (EMDEs). The communique was unanimously adopted at the fourth meeting of the G20 Finance Ministers and Central Bank Governors (FMCBG) under the Indian Presidency in Marrakesh, Morocco.
Additionally, the communique emphasized efforts to strengthen Multilateral Development Banks (MDBs) in order to address global challenges and support low- and middle-income countries. It called for ambitious implementation of recommendations from the G20 Independent Review of MDBs Capital Adequacy Frameworks (CAFs) within MDBs’ own governance frameworks.
The communique also highlighted the need for collaboration among MDBs, with a focus on enhancing domestic resource mobilization in EMDEs. It called for swift resolution of debt issues in Ethiopia, Zambia, Ghana, and Sri Lanka. The G20 Finance Ministers agreed to continue implementing the G20 Roadmap for Enhancing Cross-Border Payments and emphasized financial inclusion through innovative methods.
Furthermore, they committed to implementing revised standards on beneficial ownership transparency as set by the Financial Action Task Force (FATF). The communique welcomed Brazil’s upcoming presidency of the G20 and expressed a commitment to continued cooperation for global economic growth.
Hot Take: G20 Urges Swift Action on Crypto Assets
The G20 finance ministers have called for the swift implementation of the G20 roadmap on crypto assets, emphasizing policy frameworks, global coordination, and addressing data gaps. This action-oriented roadmap aims to coordinate global policies and regulations on crypto assets while considering the specific implications for Emerging Markets and Developing Economies (EMDEs).
The communique also highlights efforts to strengthen Multilateral Development Banks (MDBs) and support low- and middle-income countries. It emphasizes the implementation of recommendations from the G20 Independent Review of MDBs Capital Adequacy Frameworks (CAFs) and collaboration among MDBs.
Furthermore, the G20 Finance Ministers stressed the importance of enhancing cross-border payments, promoting financial inclusion, and implementing transparency standards on beneficial ownership. They also called for swift debt resolution in several countries.
The G20’s focus on swift action reflects the urgency to address challenges posed by crypto assets and promote sustainable economic growth globally.
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