Indian Prime Minister Narendra Modi has called on the people of Delhi to help ensure the success of the upcoming G20 Summit, despite the inconvenience they may face due to the presence of world leaders in the capital.
Indian Prime Minister Narendra Modi warned that there is a risk of a "new model of colonialism" if nations with critical minerals do not see it as a global responsibility, as the race to secure resources for energy transition goals intensifies. Modi emphasized the need for cooperation in the face of uneven geographical diversification and export restrictions imposed by countries like China.
Prime Minister Narendra Modi emphasized the importance of mutual trust and democratic values as he called for investments in India and voiced concerns about disruptions in the supply chain due to the Covid-19 pandemic, indirectly criticizing China and cautioning against a new model of colonialism and the need for a global framework for cryptocurrency and ethical artificial intelligence.
Governments around the world are investigating Worldcoin, a crypto project co-founded by OpenAI CEO Sam Altman, over concerns about its data collection methods and potential risks to public safety.
Indian Prime Minister Narendra Modi has called for the United Nations to reform in order to reflect the realities of the 21st century and ensure the representation of important voices, ahead of hosting the G20 summit in India. Modi also expressed support for the African Union to become a full member of the G20.
The Financial Stability Board and International Monetary Fund are releasing a joint paper at the G20 Summit that outlines a roadmap for global coordination and policy frameworks for cryptocurrencies.
A policy paper prepared under India's G20 Presidency recommends licensing crypto service providers and implementing anti-money laundering standards in the sector, while cautioning against an outright ban on cryptocurrencies due to their borderless nature. The paper also addresses concerns about stablecoins and their potential impact on financial stability.
Crypto exchange Coinbase plans to focus on non-U.S. markets, including the European Union, the United Kingdom, Canada, Brazil, Singapore, and Australia, due to their clearer crypto laws, as it seeks to expand its operations and establish partnerships with global and local banks and payment providers while ensuring compliance with governance systems. The company also aims to intensify its lobbying and visibility efforts ahead of the EU elections and engage with the G20 to create global crypto standards.
India is hosting the G20 summit as Prime Minister Narendra Modi seeks to establish himself as a global leader, but activist Arundhati Roy criticizes the event as a vanity event for Modi and raises concerns about the treatment of minorities in India.
The G20 reached a consensus and adopted the New Delhi Leaders Summit Declaration, which called for upholding international law, peaceful conflict resolution, and diplomacy.
G20 leaders have agreed to implement global tax reforms encompassing digital economy taxation and a global minimum corporate tax rate, with significant progress already made on the first pillar and a Multilateral Convention (MLC) expected to be ready for signature in the second half of 2023. Additionally, the leaders called for the swift implementation of a Crypto-Asset Reporting Framework (CARF) and the regulation of crypto-assets activities and markets.
The leaders of the G20 countries have called for the swift implementation of a cross-border framework for crypto assets that would facilitate information exchange between jurisdictions starting in 2027, aiming to give tax authorities greater visibility into crypto transactions.
India has successfully achieved its finance track objectives during its G20 presidency, including strengthening Multilateral Development Banks, creating a global regulatory framework for crypto assets, promoting financial inclusion through digital infrastructure, resolving debt for lower and middle-income countries, and financing sustainable cities, among other accomplishments, according to Finance Minister Nirmala Sitharaman.
The G20 summit in India is expected to deliver a group agreement on the need for stricter global regulation on crypto assets, but the underlying fractures and shifting allegiances may render the focus more noise than substance.
The leaders of the G20 nations have agreed to provide global tax authorities with more transparency on cryptocurrency transactions, indicating a growing global cooperation on cryptocurrency, even though implementation may take several years.
