India is set to make a determined effort at the G20 summit to achieve significant progress in several key areas and push for norms on Digital Public infra & Crypto . These include advocating for a comprehensive international framework for crypto assets, initiating reforms in multilateral development banks, addressing debt resolution challenges, and promoting the establishment of robust digital public infrastructure.
Considering the factors, Delhi has emphasized the need for an inclusive approach to address debt-related challenges faced by numerous countries including India, recognizing the unique circumstances each nation encounters. India aims to advocate for a tailored and pragmatic solution that aligns with the specific difficulties countries encounter in managing their debts.
In addition to the measures taken by India, China has also come up with a draft statement. The draft statement has received reservations and is set to be deliberated upon in the coming two days, according to sources. Beijing has also voiced concerns regarding commitments related to climate change finance. Thus, various countries are determined to take the regulated actions but no fixed module of operation is found yet.
To even throw light on this matter there is a task flow scheduled. The G20 panel, led by esteemed economist NK Singh and former US Treasury Secretary Larry Summers, and tasked with formulating a blueprint for reforms in multilateral development banks (MDBs), is expected to present its report during the meeting.
“We hope that the G20 continues exploring the options to further strengthen the global architecture to fight financial crime and assist jurisdictions in enhancing their law enforcement capacity,” finance minister Nirmala Sitharaman said at a ‘G20 High-Level Tax Symposium on Combating Tax Evasion, Corruption and Money Laundering.
While no further information is recovered about it. The hype for the G20 Summit is high. The global framework for crypto assets shall be assessed. And financial crimes such as money laundering and tax evasion shall be minimized.
In the G20 Infrastructure Investment Dialogue, Indian Finance Minister Nirmala Sitharaman underlined the need for embracing innovative strategies to attract private investment, bridge financing gaps, and foster sustainable development of infrastructure in cities.
While talking about all the empeding risks that may obstruct the financial transparency, Nirmala Sitharaman said that “In this context, the progress of work towards the development of the Crypto-Asset Reporting Framework and the update to the Common Reporting Standard is a welcome step”
Conclusion
The standard steps will ensure that everything runs smoothly and all countries can leverage the idea.