India’s G20 Presidency: Central Bank Digital Currencies Take Center Stage
The First G20 International Financial Architecture Working Group meeting under the G20 Indian Presidency is taking place on 30-31 January 2023 in Chandigarh. The meeting brings together approximately 100 delegates from G20 Members, Invitee Countries, and International Organizations to discuss ways of strengthening the international financial architecture and addressing the challenges faced by vulnerable countries.
The meeting is being inaugurated by the Indian Minister of Agriculture and Farmers Welfare, Narendra Singh Tomar, and Minister of Food Processing Industries, Pashupati Kumar Paras. The discussions are jointly steered by the Ministry of Finance and the Reserve Bank of India, along with France and Korea, the Co-chairs of the International Financial Architecture Working Group.
The focus of the meeting will be on enhancing the stability and cohesion of the international financial architecture and making it fit for addressing the global challenges of the 21st century, as well as exploring ways to provide maximum support to poor and vulnerable countries. In addition to the main meeting, a G20 side event titled ‘Central Bank Digital Currencies (CBDCs): Opportunities and Challenges’ will be held on 30 January 2023 to share country experiences and develop a deeper understanding of the macroprudential implications of CBDCs.
In the lead-up to the meeting, a number of ‘Jan-Bhagidari’ (people’s participation) events have been held across Chandigarh, including a seminar on “Central Bank Digital Currencies: The Indian Story” held on January 25, 2023. These events aim to raise awareness of the G20 Indian Presidency in 2023 and its theme “Vasudhaiva Kutumbakam” or “One Earth – One Family – One Future”.
The International Financial Architecture Working Group will meet again in March, June, and September during the course of India’s G20 Presidency to continue discussions on the priorities set under the Indian Presidency. The discussions from this meeting will inform the G20 Finance Ministers and Central Bank Governors (FMCBG) of the key deliberations on related priorities under India’s G20 Finance Track. The first meeting of the G20 Finance Ministers and Central Bank Governors is scheduled to be held on 24-25 February 2023 in Bengaluru.
