G20 Summit: Leaders adopt New Delhi Declaration; here's what it says on AI, Crypto, digital currency, more

G20 Summit: India is currently hosting the two-day G20 Summit 2023 at Bharat Mandapam in New Delhi. The summit is marked by the presence of world leaders including US President Joe Biden, UK Prime Minister Rishi Sunak and Canadian Prime Minister Justin Trudeau. On the first day of the summit, leaders held a series of discussions and also adopted the New Delhi Leaders’ Declaration. The adoption of the declaration was announced by PM Modi. He stopped proceedings during the second session of the Summit and said, “I have just got some good news right now. Due to the hard work of our team and your support, we have achieved consensus on the New Delhi G-20 Leaders’ Summit Declaration. I propose we adopt this Leaders’ declaration,” he added and then pronounced it adopted with a bang of his gavel, a day before the Summit actually ended.

The New Delhi Leaders’ Declaration touches on a range of issues including Technological Transformation and Digital Public Infrastructure. The leaders of G20 have committed to “improve access to digital services and digital public infrastructure and leverage digital transformation opportunities to boost sustainable and inclusive growth”. The New Delhi Leaders’ Declaration has also recognised “the importance of data free flow with trust” and also reaffirmed the role of Data for Development. 

Here’s what the G20 leaders have committed to do for Technological Transformation and Digital Public Infrastructure:

For building Digital Public Infrastructure

The G20 leaders have expressed their support for the development and governance of digital public infrastructure (DPI). DPI refers to the digital platforms, systems and services that are accessible to the public and can facilitate various social and economic activities.

The leaders also welcomed the G20 Framework for Systems of Digital Public Infrastructure, which is a voluntary and suggested framework for the creation, deployment and management of DPI. In addition to this, they also welcomed India’s plan to build and maintain a Global Digital Public Infrastructure Repository (GDPIR), a virtual repository of DPI, voluntarily shared by G20 members and beyond. 

Furthermore, the leaders took note of the Indian Presidency’s proposal of the One Future Alliance (OFA), a voluntary initiative aimed at building capacity, and providing technical assistance and adequate funding support for implementing DPI in low- and middle-income countries (LMICs). 

For Building Safety, Security, Resilience and Trust in the Digital Economy

The leaders of the G20 countries have reaffirmed their commitment to building a digital economy that is inclusive, open, fair, non-discriminatory and secure while respecting applicable legal frameworks. They have also committed to sharing their approaches and good practices to enhance safety, security, resilience and trust in the digital economy.

As part of their efforts, the G20 leaders have welcomed two non-binding documents that aim to support businesses and children in the digital domain. The first document is the G20 High-level Principles to Support Businesses in Building Safety, Security, Resilience, and Trust in the Digital Economy. The second document is the G20 Toolkit on Cyber Education and Cyber Awareness of Children and Youth.

For Crypto-assets: Policy and Regulation

The leaders of the G20 countries have expressed their support for the regulation, supervision and oversight of crypto-assets activities and markets, and of global stablecoin arrangements, in line with the high-level recommendations issued by the Financial Stability Board (FSB). The FSB is an international body that monitors and makes recommendations about the global financial system.

The G20 leaders also asked the FSB and other standard-setting bodies (SSBs) to promote the effective and timely implementation of these recommendations in a consistent manner globally to avoid regulatory arbitrage. They welcomed the shared FSB and SSBs work plan for crypto assets and welcomed the IMF-FSB Synthesis Paper and a Roadmap for developing a coordinated and consistent policy and regulatory framework. 

The Roadmap takes into account the full range of risks and risks specific to emerging markets and developing economies (EMDEs) and the ongoing global implementation of FATF standards to address money laundering and terrorism financing risks. The G20 Finance Ministers and Central Bank Governors will discuss taking forward the Roadmap at their meeting in October 2023.

The G20 leaders also acknowledged the report by the Bank for International Settlements (BIS) on The Crypto Ecosystem: Key Elements and Risks.

For Central Bank Digital Currency

G20 leaders welcomed the discussions on the potential macro-financial challenges and benefits from the introduction and adoption of Central Bank Digital Currencies (CBDCs). The main focus areas are cross-border payments as well as the international monetary and financial system. They also welcomed the BIS Innovation Hub (BISIH) Report on Lessons Learnt on CBDCs and said that they are looking forward to the IMF Report on Potential macro-financial implications of widespread adoption of CBDCs to advance the discussion on this issue.

For Fostering Digital Ecosystems

G20 leaders announced their commitment to deploy all available digital tools and technologies in fostering safe and resilient digital ecosystems. The leaders agreed to promote responsible, sustainable and inclusive use of digital technology by farmers and an ecosystem of Agri-Tech start-ups and MSMEs. 

The leaders also welcomed the establishment of the Global Initiative on Digital Health (GIDH) within a WHO-managed framework to build a comprehensive digital health ecosystem in compliance with respective data protection regulations. 

Furthermore, the leaders pledged to leverage digital technologies for the protection and promotion of culture and cultural heritage and adopt digital frameworks for the development of cultural and creative sectors and industries. 

For harnessing Artificial Intelligence (AI) responsibly for good and for all

The G20 leaders have expressed their commitment to using artificial intelligence (AI) for the public good and to address the challenges and risks associated with it. They have agreed to work together to promote international cooperation and governance for AI while respecting human rights, transparency, ethics, safety and other principles.

The G20 leaders have reaffirmed their adherence to the G20 AI Principles (2019) and have also emphasized the need for a pro-innovation regulatory and governance approach that maximizes the benefits and takes into account the risks of AI. Moreover, the G20 leaders have highlighted the potential of AI for achieving the Sustainable Development Goals (SDGs), which are a set of global goals to end poverty, protect the planet and ensure peace and prosperity for all.