G20 ministers to discuss crypto-regulation, international tax, development bank finances

New Delhi: G20 finance ministers and central bank governors will be presented a global framework for regulation and supervision of crypto assets as part of policy dialogue that will take place in Gujarat later this month, department of economic affairs secretary Ajay Seth said.

In a recorded video message shared by the finance ministry, Seth said that the G20 finance and central bank governors will also be presented the first volume of the report of an independent committee set up by the G20 to strengthen multilateral development institutions. This panel is co-chaired by N.K. Singh and former US treasury secretary Lawrence Summers.

The panel's recommendations are meant to optimise the balance sheet strength of multilateral development banks and to step up their lending capacity in a big way. The panel is mandated to make recommendations on reforming these institutions in terms of vision, funding requirements, modalities of funding and better coherence in their working.

The G20 finance and central bank governors and the finance and central bank deputies meeting is taking place in Gandhinagar from 14-18 July under the Indian presidency.

One of the deliverables to be presented is "a guidance note on a globally coordinated framework for regulation and supervision of crypto assets," said Seth.

Progress on debt treatment for countries facing debt vulnerabilities, recommendations for advancing financial inclusion and productivity gains using digital public infrastructure and principles for financing cities of tomorrow are among the other deliverables to be presented, the official said.

The ministers and central bank governors are also expected to discuss global economy and global health, sustainable finance and infrastructure, international financial infrastructure and international taxation and financial sector issues and financial inclusion, the official said.