The heads of state who met at the recent G20 Leaders’ Summit in Buenos Aires concluded their gathering by issuing a joint declaration focused on “building consensus for fair and sustainable development.” The document addressed a variety of global concerns, including regulation of crypto-assets to prevent money laundering and terror financing.
“We will step up efforts to ensure that the potential benefits of technology in the financial sector can be realized while risks are mitigated. We will regulate crypto-assets for anti-money laundering and countering the financing of terrorism in line with FATF standards and we will consider other responses as needed.”
As expected, the group statement contains many familiar refrains and issues that global leaders have been talking about for many years as well as newer concerns prompted by more recent technological innovations. Concerns like sustainable growth and debt management were clearly on their minds, but the group also continued to place emphasis on so-called “transformative technologies” and their potential to create new wealth, jobs, and opportunities.
However, the leaders expressed concern about how the transition to these new technologies would impact business, individual citizens, and governments. The declaration expressed a renewed commitment to promoting work, retraining workers displaced by new technologies, and increasing labor participation among “underrepresented” groups. Digitalization was also a focus, including efforts to “bridge the digital gender divide.”
The full 8-page declaration can be found here.