The G20 is composed of the European Union and 19 other influential nations. Together, they represent a substantial portion of the global economy, international trade and the world's population. It endorsed the exploration of DPI in a document titled "Policy Recommendations for Advancing Financial Inclusion and Productivity Gains through DPI."
DPI is comprised of several components – including digital identification, digital payments and data exchange. The document highlighted that digital identification systems could enhance financial inclusion, especially in low- and middle-income countries where inadequate documentation often acts as a barrier to accessing financial services.
In a statement released on Sept. 10, G20 leaders expressed their support for the rapid implementation of the Crypto-Asset Reporting Framework & Amendments to the Common Reporting Standard. The framework and amendments, drafted by the Organization for Economic Co-operation and Development, deals with the taxation and reporting of crypto-assets. The statement also endorsed discussions on the potential macro-financial consequences associated with the introduction and adoption of central bank digital currencies (CBDCs).
Indian Finance Minister Nirmala Sitharaman emphasized the need for a regulatory framework for crypto assets. European Commission President Ursula von der Leyen, meanwhile, discussed the success of the Wuhan coronavirus (COVID-19) digital certificate and its potential to serve as a model for a broader digital ID system.
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