G20 Finance Track: Central Bank Deputies Discuss Coordinated Approach On Crypto Assets

One of the crucial issues discussed during the First Finance and Central Bank Deputies Meeting under India's G20 Presidency which started on Tuesday was about taking a globally-coordinated approach to unbacked crypto assets.

The Ministry of Finance and the Reserve Bank of India jointly hosted the three-day gathering, with discussions on the "Finance Track" agenda under India's G20 Presidency.

Day 1 saw different sessions on global economy, international financial architecture, infrastructure and sustainable finance.

The G20 Finance Track, which is led by the central bank governors and finance ministers of G20 nations, focuses on economic and financial issues. It offers a useful forum for the discussion of international economic issues and the coordination of policy.

Some of the other agendas during the meet included reorienting international financial institutions to meet the common global challenges of the twenty-first century, financing "cities of tomorrow", managing the risks associated with the world's debt, promoting financial inclusion and productivity gains, funding for climate action and the United Nations Sustainable Development Goals and moving the international taxation agenda forward, among others.

The G20 Finance Track, according to an official press release, covers the global economic outlook, the international financial architecture, infrastructure development and financing, sustainable finance, global health, international taxation, and issues relating to the financial sector, including financial inclusion.

A panel discussion on Strengthening Multilateral Development Banks to Address Shared Global Challenges of the 21st Century was held in conjunction with the meeting. Apart from this, there was also a seminar on the "Role of Central Banks in Green Financing."

From February 23 to 25, 2023, Bengaluru will host the inaugural meeting of central bank governors and finance ministers. Ajay Seth, Secretary of Economic Affairs, and Michael D Patra, Deputy Governor of the RBI, will co-chair the upcoming meeting of the G20 FCBD. They will be joined at the meeting by their counterparts from the G20 member nations as well as from a number of other nations and international organisations that India has invited.

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