NEW DELHI: G20 under India’s presidency can make progress in three areas -- debt management, crypto regulation and climate finance -- Gita Gopinath, Deputy Managing Director of the International Monetary Fund, said on Thursday. She is currently in India to attend G20 meetings.
“We have a large number of low income countries that are in debt distress. While we have a G20 common framework for debt resolution, we absolutely need to improve the strength of the mechanism and to get much more timely resolution. That would be a clear progress,” she said.
The second area in which G20 can improve is crypto resolution. Gopinath said that globally agreed norms are required for crypto regulations. “After the crypto meltdown which we have seen recently, it is clear that we need internationally agreed standards on regulation. Progress on that front being able to accomplish that by 2023 would be a concrete outcome,” she added.
“Lastly, is climate finance. For the developing countries to adapt to climate change and contribute to climate mitigation, they would need much higher financing, so that’s the third area where progress can be made,” Gopinath further stated. Ajay Seth, secretary, department of economic affairs, ministry of finance had on Wednesday said that one of the key agendas for G20 will be to make global the usage of central bank digital currencies (CBDC).
‘Globally agreed norms needed for crypto law’
Gopinath said globally agreed norms are required for crypto regulations. “After the crypto meltdown which we have seen recently, it is clear that we need globally agreed standards on regulation. Progress on that front by 2023 would be a concrete outcome,” she added