By express news service

NEW DELHI: The G20 under the Indian presidency can make progress in three areas: debt management, crypto regulation and climate finance, Gita Gopinath, deputy managing director of the International Monetary Fund, said Thursday. She is currently in India to attend the G20 meetings.

“We have a large number of low-income countries that are burdened with debt. While we have a common G20 framework for debt resolution, we absolutely need to improve the robustness of the mechanism and get a much more timely resolution. That would be clear progress,” he said.

The second area where the G20 can improve is crypto resolution. Gopinath said that globally agreed standards are required for crypto regulations. “After the recent cryptocurrency crash we have seen, it is clear that we need internationally agreed regulatory standards. Progress on that front to be able to achieve it by 2023 would be a concrete result,” he added.

“Lastly, there is climate finance. For developing countries to adapt to climate change and contribute to climate mitigation, they would need much more funding, so that is the third area where progress can be made,” Gopinath added. Ajay Seth, secretary of the finance ministry’s economic affairs department, said on Wednesday that one of the key agendas for the G20 will be to make the use of central bank digital currencies (CBDCs) global.

‘Globally agreed standards are needed for crypto law’
Gopinath said that globally agreed standards are required for crypto regulations. “After the recent cryptocurrency crash we have seen, it is clear that we need globally agreed regulatory standards. Progress on that front by 2023 would be a concrete result,” he added.

</p> <p>NEW DELHI: The G20 under the Indian presidency can make progress in three areas: debt management, crypto regulation and climate finance, Gita Gopinath, deputy managing director of the International Monetary Fund, said Thursday. She is currently in India to attend the G20 meetings. “We have a large number of low-income countries that are burdened with debt. While we have a common G20 framework for debt resolution, we absolutely need to improve the robustness of the mechanism and get a much more timely resolution. That would be clear progress,” she said. The second area where the G20 can improve is crypto resolution. Gopinath said that globally agreed standards are required for crypto regulations. “After the recent cryptocurrency crash we have seen, it is clear that we need internationally agreed regulatory standards. Progress on that front to be able to get there by 2023 would be a concrete result,” she added. “Lastly, there is climate finance. For developing countries to adapt to climate change and contribute to climate mitigation, they would need much more funding, so that is the third area where progress can be made,” Gopinath added. Ajay Seth, secretary of the finance ministry’s economic affairs department, said on Wednesday that one of the key agendas for the G20 will be to make the use of central bank digital currencies (CBDCs) global. “Globally agreed standards are needed for crypto law” Gopinath said that globally agreed standards are required for crypto regulations. “After the recent cryptocurrency crash we have seen, it is clear that we need globally agreed regulatory standards. Progress on that front by 2023 would be a concrete result,” she added.<br />