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Key Insights from G20 Summit 2023 Consensus: A Comprehensive Analysis by ETCFO

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Under India’s Presidency, G20 reaches consensus on ‘New Delhi G20 Leaders’ Summit Declaration’

Published On Sep 9, 2023 at 06:50 PM IST

Key Issues Discussed

  • Building Digital Public Infrastructure
  • Digital Economy
  • Cryptoassets
  • CBDC

Commitment to Promote Responsible Use of Digital Technology in Agriculture

One of the key declarations by the G20 members was the commitment to promote responsible, sustainable, and inclusive use of digital technology by farmers and an ecosystem of Agri-Tech start-ups and MSMEs.

Accountable and Inclusive Digital Public Infrastructure

The G20 members recognized the need for safe, secure, trusted, accountable, and inclusive Digital Public Infrastructure (DPI).

The members welcome the G20 Framework for Systems of Digital Public Infrastructure, a voluntary and suggested framework for the development, deployment, and governance of DPI.

India’s plan to build and maintain a Global Digital Public Infrastructure Repository (GDPIR), a virtual repository of DPI, voluntarily shared by G20 members and beyond, was also agreed upon.

The establishment of the One Future Alliance (OFA), a voluntary initiative aimed at building capacity and providing technical assistance and funding support for implementing DPI in low- and middle-income countries (LMICs), was also welcomed.

Resilience and Trust in Digital Economy

An enabling, inclusive, open, fair, non-discriminatory, and secure digital economy is increasingly important for all countries and stakeholders.

The G20 members welcome the non-binding G20 High-level Principles to Support Businesses in Building Safety, Security, Resilience, and Trust in the Digital Economy.

Efforts will be made to foster safe and resilient digital ecosystems and ensure financial inclusion for every citizen on the planet.

The G20 members also commit to promoting responsible, sustainable, and inclusive use of digital technology by farmers and an ecosystem of Agri-Tech start-ups and MSMEs.

The establishment of the Global Initiative on Digital Health (GIDH) within a WHO-managed framework to build a comprehensive digital health ecosystem in compliance with respective data protection regulations was welcomed.

Digital technologies will also be leveraged for the protection and promotion of culture and cultural heritage.

Crypto Assets Ecosystem

The G20 members closely monitor the risks of the fast-paced developments in the crypto-asset ecosystem.

They endorse the Financial Stability Board’s (FSB’s) high-level recommendations for the regulation, supervision, and oversight of crypto-assets activities and markets and of global stable coin arrangements.

Efforts will be made to promote the effective and timely implementation of these recommendations globally to avoid regulatory arbitrage.

The IMF-FSB Synthesis Paper on crypto, including a Roadmap, will support a coordinated and comprehensive policy and regulatory framework.

Discussions were also held on the potential macro-financial implications arising from the introduction and adoption of Central Bank Digital Currencies (CBDCs).

The BIS Innovation Hub (BISIH) Report on Lessons Learnt on CBDCs was highlighted at the meeting.

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