G20 is a forum for government leaders and central bank governors of 19 countries, including the European Union. The group was founded in 1999 with the primary goal of discussing policies that would guide the union, and global economy overall toward financial stability.
Last month the Financial Stability Board of the G20 forum presented a report to the G20 Finance Ministers and Central Bank Governors defining their ideal approach to crypto-assets. Although there was extreme care taken to study the industry, they acknowledge the rapid pace of growth and evolution it is taking. They highlight that cryptocurrencies should not be perceived as a threat, and should not be prioritized for discussion at upcoming summits.
“Crypto-assets raise a host of issues around consumer and investor protection, as well as their use to shield illicit activity and for money laundering and terrorist financing. At the same time, the technologies underlying them have the potential to improve the efficiency and inclusiveness of both the financial system and the economy.” - FSB Chair and Governor of The Bank of England Mark Carney
A Unified Direction
However, to unify the direction of their group they developed and signed a declaration for “Building consensus for fair and sustainable development.” This is important, because although it is clear that cryptocurrencies will not rapidly compete with fiat currency. The associated technologies are becoming more prevalent for international businesses. Many businesses are now operating in digital settings. They can found their business in countries that are most favorable to these cost saving technologies. Some of the most important concepts that the countries of the G20 summit outlined 30 important aspects they will agree on:
Build consensus for fair and sustainable development through an agenda that is people-centred, inclusive and forward-looking.
Pillars: the future of work, infrastructure for development, a sustainable food future and a gender mainstreaming strategy across the G20 agenda.
Engagement with stakeholder communities.
Fiscal policy should rebuild buffers where needed, be used flexibly and be growth-friendly, while ensuring public debt is on a sustainable path. Continued implementation of
Structural reforms will enhance our growth potential.
Improve a rules-based international order that is capable of effectively responding to a rapidly changing world.
Harness technology to strengthen growth and productivity; support people during transitions and address distributional challenges; secure sustainable tax systems; and ensure that the
Best possible evidence informs our decision-making.
Further create enabling conditions for resource mobilization from public, private and multilateral resources, including innovative financial mechanisms and partnerships, such as impact investment for inclusive and sustainable growth, in line with the G20 Call on Financing for Inclusive Business.
Foster evidence-based innovative pedagogies and methods for all levels of education.
Continue our work on artificial intelligence, emerging technologies and new business platforms.
Achieve greater contractual standardization, address data gaps and improve risk mitigation instruments. In line with the Roadmap, we look forward to progress in 2019 on quality infrastructure.
Engage with the private sector, the scientific community and all other relevant stakeholders to enhance value addition, productivity, efficiency, sustainability and upgrading in Agro-Food Global Value Chains and encourage initiatives to reduce food loss and waste.
Consider how to better engage with women entrepreneurs.
By: BGN Editorial Staff