G20

G20 leaders seal landmark declaration in Johannesburg

World leaders gathered in Johannesburg have endorsed a landmark declaration under the 2025 G20 presidency of Cyril Ramaphosa, the first time the summit was held on African soil. The agreement, adopted at the very start of the meeting rather than at its usual conclusion, reflects a sharp pivot toward issues facing the developing world, which include climate resilience, debt relief, global inequality, inclusive development, and sustainable energy.

The 122-point statement, built around the summit’s motto ‘Solidarity, Equality, Sustainability,’ calls for increased international cooperation to ensure that ‘no one is left behind.’ It places strong emphasis on supporting low-income and middle-income countries battered by climate disasters, championing debt restructuring, reforming global financial systems, and scaling up investment in clean energy and critical mineral value chains, a priority especially for resource-rich regions in Africa and the Global South.

Support was also voiced for a more inclusive global governance architecture. The declaration calls for reforms to international financial institutions, enhanced representation for emerging economies, and more equitable global supply chains. It underlines that sustainable growth and prosperity cannot come without greater economic equality, technology transfer, and fairer development partnerships.

Addressing geopolitically sensitive issues, the summit called for just, lasting peace in several conflict zones, including Ukraine, Sudan, the Democratic Republic of the Congo, and the Palestinian territory, highlighting a collective interest in global stability.

The decision to adopt the declaration immediately was a bold diplomatic move. The president of South Africa, Cyril Ramaphosa, speaking in his opening address, said the G20 ‘has a responsibility not to allow the integrity and credibility of the G20 to be undermined,’ stressing that ‘multilateralism can and does deliver concrete results.’

Presidential spokesperson Vincent Magwenya announced the agreement had been reached by consensus among attending nations, framing the document as a ‘revolutionary’ step for Africa and the Global South.

The adoption of the declaration occurred despite a boycott by the United States, which declined to participate in the summit due to diplomatic tensions with the host country.

Observers note that the show of unity among nearly all other G20 members signals rising frustration with unilateralism and a willingness to reassert multilateral cooperation, especially on issues where developing countries have long been sidelined.

Whether the commitments enshrined in the Johannesburg Declaration will translate into concrete action remains uncertain. Still, by elevating the concerns of poorer and climate-vulnerable nations onto the global agenda, this summit may mark a turning point for the G20’s role in shaping a fairer, more sustainable world order.

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G20 member nations endorse regulatory recommendations for crypto assets

The G20 member nations have unanimously endorsed the Financial Stability Board’s (FSB) recommendations on regulating, supervising, and overseeing crypto assets, aiming to mitigate the associated risks.

In a meeting scheduled to take place in Morocco, in October 2023, the G20 Finance Ministers and Central Bank Governors will discuss the implementation of these recommendations .

The New Delhi Leaders’ Declaration formalized the G20’s support for the FSB’s high-level recommendations, emphasizing the need for a comprehensive policy and regulatory framework for crypto assets. They have highlighted the importance of considering the unique risks faced by emerging market and developing economies and stressed the need for global implementation of the standards established by the Financial Action Task Force (FATF) to combat money laundering and terrorism financing.

The leaders have welcomed the shared work plan for crypto assets developed by the FSB and other standard-setting bodies, as well as the Bank for International Settlements’ (BIS) report “The Crypto Ecosystem: Key Elements and Risks.” They have called for the swift adoption of the Crypto Asset Reporting Framework (CARF) and amendments to the Common Reporting Standard (CRS), seeking to enhance institutional capacity, promote global coordination and cooperation.

While the FSB recommendations are currently high-level and principles-based, the FSB will consider the need for additional guidance or recommendations, taking into account international sectoral standards and guidance developed by other standard-setting bodies.

The New Delhi Leaders’ Declaration stated the importance of the macro-financial implications that Central Bank Digital Currencies (CBDCs) could have, particularly in cross-border payments and the international monetary and financial system. They have pledged to leverage digital tools and technologies to create secure and resilient digital ecosystems, ensuring financial inclusion for all.

IMF releases paper on policy and regulation for crypto-assets, commissioned by G20

The International Monetary Fund (IMF) and the G20’s Financial Stability Board (FSB) have released a joint paper outlining policy and regulatory recommendations to address the risks associated with crypto-assets.

In the report, the IMF recognize that there is potential for crypto-assets to pose systemic risks in certain jurisdictions if they become widely used for payments or retail investments. The IMF has identified key elements for an effective policy response, considering macroeconomic, legal, and financial integrity considerations, as well as the implications for monetary and fiscal policies. Additionally, the FSB and standard-setting bodies (SSBs) have issued regulatory and supervisory recommendations to tackle risks related to crypto-assets, including financial stability, market integrity and investor protection.

In response to a request from the Indian G20 Presidency, the IMF and FSB have collaborated to develop this paper, presenting comprehensive guidance for authorities in addressing the macroeconomic and financial stability risks associated with crypto-assets. The paper encompasses activities and markets linked to stablecoins and decentralized finance (DeFi).

It is important to note that the paper does not introduce new policies, recommendations, or expectations for member authorities. Instead, it clarifies the interaction between the policy and regulatory frameworks designed by the IMF, FSB, and SSBs.

The paper emphasizes the necessity of coordinated efforts and global cooperation to effectively manage these risks and provides an implementation roadmap to further enhance understanding and address data gaps in the evolving crypto-asset ecosystem.

India’s digital economy expected to contribute over 20 percent to GDP

EXCERPT : During the two-day G20-Digital Innovation Alliance summit in Bengaluru, Union Minister of State for Electronics and IT Rajeev Chandrasekhar highlighted trends in India’s digital economy relevant to startups

During the G20 Digital Innovation Alliance Summit held in Bengaluru, India, the Union Minister of State for Electronics and Information Technology Rajeev Chandrasekhar described India as a leading nation in adopting technology and providing solutions to the world. Highlighting India’s growth trend in the sector, he stated, “The digital economy has gone from 4-4.5 per cent in 2014 of the total GDP to 11 per cent of the total GDP today. And we expect the digital economy to contribute over 20 per cent of our GDP by 2026”.

how ‘there is a shift in the centre of gravity of technology from a few countries and companies to open-source systems and younger startups, the Minister further highlighted. Startups are disrupting existing norms and taking advantage of the broader trend of increased and faster digitization.

The Digital Innovation Alliance Summit is taking place over two days alongside the fourth meeting of the Digital Economy Working Group under G20. The summit is being attended by global experts and digital leaders, including representatives from G20 countries. The summit’s primary focus is discussions surrounding Digital Public Infrastructure (DPI), Security in the Digital Economy, and Digital Skilling. As part of India’s G20 presidency, the G20 Digital Innovation Alliance (G20-DIA) initiative was launched under the Ministry of Electronics and Information Technology (MeitY) Startup Hub, aimed at recognizing and accelerating the growth of startups from all G20 countries and nine other guest countries.

The IMF is in favor of regulating the cryptoassets but also leaving the mechanism for ban if needed

At the outskirts of the G20 summit in India, the International Monetary Fund Managing Director, Ms Kristalina Georgieva answered the questions from media around the cryptoassets and digital currencies. In her words, the IMF is very much in favor of regulating the world of crypto and digital money. The IMF, alongside the Bank for International Settlements and the G20s Financial Stability Board (FSB) believes this is a top-priority in the forthcoming period.

She pointed out the difference between legal tenders (national currencies) which are backed by countries that issue them, and the ‘publicly issued cryptoassets and stablecoins calling them ‘just a speculative asset’. If such assets start to pose a threat to the consumers and/or financial  stability for countries we should have a mechanism to ban crytpoassets altogether. We have requests from our members not to rule out the mechanism for the total ban. If there are strong consumer protection laws set in place, we will not need a ban. The ban of cryptocurrencies is indeed a tool of last resort, she added in her interview.