The Group of 20 leaders have agreed to a plan to eventually impose digital currencies and digital IDs on their respective populations, despite fears that governments will use them to monitor their peoples’ spending and crush dissent.
The G20, which is currently under India’s presidency, adopted a final declaration on the subject over the weekend in New Delhi.
The meeting, which included the world’s leading economies, announced last week that they had agreed to build the necessary infrastructure to implement digital currencies and IDs.
At the summit, European Commission President Ursula von der Leyen called for an international regulatory body for artificial intelligence (AI), digital ID systems similar to coronavirus vaccine passports and advocated for global cooperation to address the challenges presented by AI.
She called for the United Nations to have a role in AI regulation and called the European Union’s COVID-19 digital certificate a perfect model for digital public infrastructures (DPI), which would include digital IDs.
“Many of you are familiar with the COVID-19 digital certificate. The EU developed it for itself. The model was so functional and so trusted that 51 countries on four continents adopted it for free,” said President von der Leyen.
“Today, the WHO uses it as a global standard to facilitate mobility in times of health threats. I want to thank Dr. Tedros again for the excellent cooperation,” she said, referring to WHO Director-General Tedros Adhanom Ghebreyesus.
IMF Managing Director Kristalina Georgieva praised her Indian counterparts via X (formerly Twitter) for leading the way in “setting up a road map for crypto regulations.”
She said the IMF was also “contributing to proposals for a comprehensive policy framework.”
In a separate press statement, Ms. Georgieva said, “more work lies ahead, including in the realm of digital money and crypto assets.”
“To this end, the G20 has tasked relevant institutions to improve regulation and supervision of crypto asset—the IMF is contributing to proposals for a comprehensive policy framework—and advance the debate on how central bank digital currencies could impact the global economy and financial system,” she added.