The Banking Executive Magazine - March 2023 Issue

G20 2023 A High-Level Workshop on “Financ- ing of Cities of Tomorrow” was also held. The Workshop discussed how the cities of tomorrow must tie to- gether their key administrative func- tions, planning, funding, and financing to increase private sector participation. DIGITAL PUBLIC INFRASTRUCTURE A High- Level Symposium on Digital Public Infrastructure (DPI) was held on February 23 2023. The Sympo- sium addressed the following key is- sues: • How digital innovations have emerged as a great leveller and en- abler of growth and the evidence that DPI are one of the most trans- formational digital innovation. • The roles and examples of Indian DPI in developing a new approach to solving societal and service de- livery problems leading to cost sav- ings for governments, increased transparency and accountability and encouraging access to finance and innovations. • The potential of DPI in leading to growth and empowerment of peo- ple through increased accessibility, inclusion, accountability and pro- ductivity gains. • The contribution of DPI for ex- panding the reach of government and private sector • Leveraging DPI for inclusive growth and development • The potentials of DPI for leading to innovative, resilient, and inclusive growth while providing a means for efficient governance. The G20 India Presidency has also constituted a Task Force on Digital Public Infrastructure for Economic Transformation, Financial Inclusion and Development. THE ROAD TO POLICY CONSENSUS ON CRYPTO ASSETS Digital technology is playing an im- portant role in, by transforming the financial sector, boosting financial inclusion, and improving financial market efficiency. The Indian Presi- dency's priority on the financial sec- tor regulatory reforms in 2023 is to make the digital financial system more efficient, secure, and stable. Despite the rapid evolution of the crypto universe, there is no compre- hensive global policy framework for crypto assets. Given the concerns over greater interconnectedness be- tween crypto assets and the tradi- tional financial sector as well as the complexity and volatility around crypto assets, policymakers are call- ing for tighter regulation. The global standard-setting bodies, such as the FATF (Financial Action Task Force), FSB (Financial Stability Board), CPMI (Committee on Payments and Market Infrastructures), IOSCO (International Organization of Securities Commis- sions) and BCBS (Basel Committee on Banking Supervision) have been coordinating the regulatory agenda, while working within their respective institutional mandates. SHAPING GLOBAL POLICY DIALOGUE ON CRYPTO ASSETS The Indian G20 presidency broad- ened the G20 discussion on crypto assets beyond financial integrity con- cerns. It addressed the macroeco- ISSUE 171 MARCH 2023 the BANKING EXECUTIVE 19