G20 Agrees to Roll Out ‘Cashless Societies’ & ‘Digital ID’ Globally

G20 Agrees to Roll Out ‘Cashless Societies’ & ‘Digital ID’ Globally

Frank Bergman

Leaders of the Group of 20 (G20) have announced plans to roll out “digital IDs” and “cashless societies” on a global scale.

G20 leaders have agreed to a plan to eventually impose digital currencies and digital IDs on their respective populations.

The move comes despite mounting concerns that governments will use the systems to monitor the public’s individual spending and crush dissent.

The G20 is currently under India’s presidency.

Following meetings between the world’s leading economies in New Delhi last weekend, world leaders signed a final declaration on the subject.

After the G20 Summit, member nations announced they had agreed to build the necessary infrastructure to implement digital currencies and IDs globally.

The group said that discussions were already underway to create international regulations for cryptocurrencies.

However, they claimed that there was “no talk of banning cryptocurrency” at the summit.

Many critics are concerned that governments and central banks will eventually regulate cryptocurrencies and then immediately replace them with central bank digital currencies (CBDCs).

Unlike many cryptocurrencies, however, CBDCs lack similar privacy and security.

Indian Finance Minister Nirmala Sitharaman said that discussions were underway to build a global framework to regulate crypto assets.

Sitharaman said world leaders believe cryptocurrencies cannot be regulated efficiently without total international cooperation.

“India’s [G20] presidency has put on the table key issues related to regulating or understanding that there should be a framework for handling issues related to crypto assets,” Sitharaman said before the G20 gathering.

The top items discussed at the New Delhi summit included “building Digital Public Infrastructure, Digital Economy, Cryptoassets, [Central Bank Digital Currencies].”

Gita Gopinath, the International Monetary Fund’s first deputy managing director, said in a video posted on Twitter/X that the G20 “helped shape a global perspective on how policymakers should deal with crypto assets.”

She also assured Business Today that there was “no talk of banning cryptocurrencies, indicating a global consensus against such measures” in the discussions.

However, some of the suggestions call for additional policing of cryptocurrencies.

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