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G20 Unveils Global Strategy to Implement Digital Currencies and IDs

The Group of 20 leaders have reached an agreement to introduce digital currencies and digital IDs to their populations, despite concerns about government surveillance and suppression of dissent. Under India’s presidency, the G20 adopted a final declaration in New Delhi announcing their intention to build the necessary infrastructure for implementing digital currencies and IDs. The group stated that discussions were underway to establish international regulations for cryptocurrencies but denied any plans to ban them. However, critics worry that these proposals could result in increased government control over citizens’ spending habits and the potential establishment of a social credit score system. European Commission President Ursula von der Leyen also emphasized the need for digital IDs at the summit and called for international cooperation in addressing the challenges posed by artificial intelligence. The Cato Institute’s 2023 CBDC National Survey found that only 16% of Americans support the adoption of a central bank digital currency, with many expressing concerns about government monitoring and control over their finances. Despite public opinion, governments, including Japan and Russia, are preparing to launch their own pilot CBDCs this year. The World Bank commended India’s use of digital public infrastructure, such as the Aadhaar digital ID and UPI digital payments platform, to enhance financial inclusion and the delivery of public goods and services. However, Queen Maxima’s support for the plan has been criticized by some in the Netherlands, who argue that it violates the constitutional norm regarding the Dutch monarchy’s role in politics.

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