Union Home Minister, in G-20 Conference, emphasised the need to devise common strategy to deal security challenges, from ‘Dynamite, Metaverse’ to ‘Hawala to Crypto currency…reports Asian Lite News
Addressing a G20 conference in Haryana, the Union Home Minister also stressed the urgent need for cooperation, both at the national and international levels, to build cyber resilience in an increasingly connected world while speaking at the G20 Conference on Crime and Security in the age of the Non-Fungible Token (NFT), Artificial Intelligence (Al) and Metaverse’. Apart from G20 members, nine guest countries, and two major international organisations, INTERPOL and UNODC, as well as various international speakers are participating in this Conference.
Shah also focussed on the requirement of adequate attention on cyber security in the wake of its economic and geo-political implications in this digital age. He said it is essential to strengthen the capabilities of nations and international organizations to deal with new and emerging, traditional and non-traditional challenges, including terrorism, terror financing, radicalization, narco, narco-terror links, and misinformation in a better way.
“The transformation of our security challenges from ‘Dynamite to Metaverse’ and ‘Hawala to Crypto currency’ is a matter of concern for the countries of the world. And all of us, together, have to devise a common strategy against it,” Shah added.
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He said further that terrorists are finding new ways to perpetrate violence, radicalise youth and raise financial resources, and that new methods in the form of virtual assets are being used by terrorists for financial transactions.
Noting that the theme of India’s G20 presidency is ‘Vasudhaiva Kutumbakam’ or ‘One Earth, One Family, One Future’, Shah said it reflects the country’s cultural heritage. The theme is perhaps the most relevant in today’s ‘Digital World’, he noted.
He said the technology has transcended all conventional geographical, political and economic boundaries, adding, “Today we live in a big global digital village.”
“Although, technology is a positive development in bringing human beings, communities, and countries closer, there are also some anti-social elements and global forces, that are using technology to cause economic and social harm to citizens and governments. Therefore, this conference becomes all the more important as it can be an important global initiative towards coordinated action to make the digital world safer for all,” Shah added.
He said initiatives for ‘digital delivery of services’ have transformed India into a ‘Digital Nation’ within a decade. But at the same time, Shah pointed out, the possibilities of cyber threats have also increased.
“According to Interpol’s ‘Global Trend Summary Report’ for the year 2022, some of the cybercrime trends such as ransomware, phishing, online scams, online child sexual abuse, and hacking are posing serious threats across the globe. There is a possibility that these cyber crimes will increase manifold in the future,” he added.
In this context, Shah said, this summit is a new and unique initiative of the G20 Presidency. “This is the first conference on cyber security in the G-20. The G-20 has so far focused on digital transformation and data flow from an economic perspective, but now iit is very important to understand the aspects of crime and security and find a solution. It is our endeavor to stay ahead in the era of NFT, Al, Metaverse, and other emerging technologies by responding in a timely manner to new and emerging threats in a coordinated and cooperative approach,” the Union Home Minister said.
Greater focus on cyber security at the G20 forum can make a positive contribution to ensuring the security and integrity of critical ‘information infrastructure’ and ‘digital public platforms’, he added.
“Discussion on cyber space security and cyber crime on the platform of G-20 will help in the development of the ‘Intelligence and Information Sharing Network’ and will give a boost to ‘Global Cooperation’ in this field,” he added.
Shah further said the objective of this conference is to promote a secure and efficient international framework for empowering and securing ‘digital public goods’ and digital ‘ public infrastructure’ as well as optimally harnessing the power of technology. (ANI)
3rd G20 FMCGB meeting to focus on 5 thematic areas
The third Finance Ministers and Central Bank Governors (FMCBGs) meeting under India’s G20 presidency set to be held in Gujrat’s Gandhinagar on July 17-18, and it will be chaired by Finance Minister Nirmala Sitaraman and Reserve Bank of India Governor Shaktikanta Das, Secretary, Department of Economic Affairs, Ajay Seth, said on Wednesday.
Speaking in a video message on Wednesday, Ajay Seth said that more than 520 delegates, including ministers, governors and deputies are expected to participate in the meetings. He further said that the meeting of the Governors and Finance Ministers has been organized in five thematic areas. “It is expected that more than 520 delegates, including ministers, governors, deputies across 66 delegations will be participating in these meetings spread over five days. The meeting of the Governors and Finance Ministers has been organized in five thematic areas first – global Economy and Global Health, second – sustainable finance and infrastructure, third- international financial infrastructure, fourth – international Taxation and fifth financial Sector issues and financial inclusion. During the course of these sessions, several deliverables will be presented honourable Ministers and Governors,” Ajay Seth said.
He noted that the first meeting of the Finance Ministers and Central Bank Governors was held in Bengaluru in February 2023. He said that a number of priorities were identified and approved by the ministers and governors. He said that work has been completed in various workstreams involving the participation from all G20 nations and international organisations.
Ajay Seth said, “The culmination of those works in the form of reports, findings will be presented to Ministers and governors. Their guidance will be obtained and several of those reports will be approved as the way forward.”
“Prior to this meeting on 14th and 15 July, a meeting of the Deputies from the Finance Ministries and central banks of G20 countries and invited countries and international organizations will be held. Primarily, the Deputies will be discussing first the various deliverables and also the draft outcome document expected at the end of the Ministers and Finance and the Governor’s meeting,” he added.
He said that some of the key deliverables include volume 1 of the Report of the G20 Independent Expert Group on strengthening multilateral development banks. He further said, “The second key deliverable is expected to be progress on debt treatment for countries under the common framework which are facing debt vulnerabilities.”
“Third key deliverable is expected to be a guidance note for developing a globally coordinated framework for regulation and supervision of crypto assets. Fourth key deliverable is expected to be recommendation on advancing financial inclusion and productivity gains by using digital public infrastructure. And the fifth one is on principles for financing Cities of Tomorrow,” Ajay Seth said.
In his video message, Ajay Seth said that a number of events have been planned on the sidelines of these meetings. He said that side events that have been planned include an infrastructure investor dialogue on leveraging funding and financing mechanisms and approaches for cities of tomorrow, a high-level tax symposium on combatting tax division, corruption and money laundering.
Seth further informed that a roundtable on crypto assets, a round table on report of the G20 expert group on strengthening MDB and two workshops will be organized on the sidelines of these meetings. He further said that cultural programs and excursions have been planned for the finance ministers, governors and their delegations.
“First workshop on interlinking fast payment systems and achieving and the second workshop is on achieving growth friendly climate action and financing for emerging and developed economies,” Ajay Seth said. Notably, India assumed the G20 Presidency on December 1. The theme of India’s G20 Presidency is “Vasudhaiva Kutumbakam” or “One Earth One Family One Future.” (ANI)
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