India is taking proactive steps to advocate for global norms on digital public infrastructure and crypto assets, as reported by The Economic Times. The country aims to achieve substantial outcomes at the G20, particularly regarding a worldwide framework for crypto assets, reforms in multilateral development banks, debt resolution, and digital public infrastructure.
According to the report published by The Economic Times, People familiar with the matter have disclosed that a synthesis paper will be presented at the G20 summit in September. This paper will contain a summary of the International Monetary Fund's report on macro-economic stability, the Financial Stability Board's report on regulation for crypto assets, and India's input note. It will serve as the basis for deliberation among the leaders.
The two-day G20 finance ministers and central bank governors meeting, commencing on Monday, will focus on advancing crucial priorities during India's presidency.
In addition to crypto assets and digital infrastructure, India intends to address the challenges faced by multiple countries concerning debt-related issues. New Delhi aims to find solutions that are in alignment with the specific challenges each nation encounters.
China has expressed reservations regarding the draft statement, which is expected to be discussed over the course of the next two days. The concerns raised by Beijing include commitments relating to climate change finance.
Furthermore, the meeting will feature the presentation of a report by a panel established by the G20. The panel, led by renowned economist NK Singh and former US treasury secretary Larry Summers, has been tasked with formulating a blueprint for reforms in multilateral development banks (MDBs).
India's proactive stance on digital public infrastructure and crypto assets at the G20 reflects its commitment to shaping global policies that address the evolving landscape of technology and finance. Through active participation and engagement with global leaders, India aims to contribute to the establishment of a cohesive framework that ensures stability, promotes sustainable development, and facilitates economic growth.