![](https://economictimes.indiatimes.com/thumb/msid-103551259,width-1070,height-580,imgsize-27894,overlay-ettech/photo.jpg)
On Saturday, the G-20 leaders decided on swift implementation of the reporting framework for crypto assets, stressing that a large number of member nations want information exchange on such non-financial assets to start by 2027. The Crypto Asset Reporting Framework (CARF) or template is being developed to make sure that such assets are not used by tax evaders to conceal their unaccounted wealth.
Elevate Your Tech Process with High-Value Skill Courses
Offering College | Course | Website |
---|---|---|
Indian School of Business | ISB Professional Certificate in Digital Marketing | Visit |
Indian School of Business | ISB Digital Marketing and Analytics | Visit |
Northwestern University | Kellogg Post Graduate Certificate in Product Management | Visit |
Indian School of Business | ISB Digital Transformation | Visit |
“We call for the swift implementation of the CryptoAsset Reporting Framework (“CARF”) and amendments to the CRS. We ask the Global Forum on Transparency and Exchange of Information for Tax Purposes to identify an appropriate and coordinated timeline to commence exchanges by relevant jurisdictions,” said the G20 Leaders’ declaration, which was adopted by consensus.
Modi also said that cyberspace is a new source of funding for terrorism and a global cooperation, framework is necessary for cyber security.
Last month, Union Minister Ashwini Vaishnaw said there was a consensus during the G20 Digital Economy Ministers’ Meeting that cybersecurity is an international problem that requires collaboration and steps for building trust and respect for other economies.
Vaishnaw had said there was absolute consensus in the G20 meeting on the concept and application od Digital Public Infrastructure (DPI) cybersecurity and skilling in handling digital technology.
Discover the stories of your interest
During the last day of the G20 Summit, Modi also called for a framework for responsible human-centric artificial intelligence governance to help every country benefit from new gen technology.
(With inputs from agencies)