Premier Li: Economies should discuss with relevant institutions the financial risks brought by digital technology and formulate international regulations to address them
2022-11-17
Premier Lee Hsien Loong said in his speech on the subject of digital transformation at the third working meeting of the G20 Leaders' Summit on Wednesday (November 16) that the coronal disease epidemic has accelerated the pace of digitalization in many countries, and digitalization can also provide a driving force for future development and the achievement of Sustainable Development Goals.
The digital field contains many opportunities to promote international cooperation, mutual benefit, and win-win results. Premier Li proposed that G20 countries should establish consistent international regulations for digital assets.
He said that the economic potential of digital assets is enormous, and by allowing all parties to directly engage in real-time transactions, customs clearance, and settlement of high-value assets, efficiency and liquidity are improved. These technologies can also promote cross-border trade and settlement, as well as the transformation of capital market activities.
However, with the popularization of digital innovative technologies and closer connection with financial markets, they may also pose risks to financial stability.
Therefore, the G20 should develop international regulations with relevant rulemaking agencies to address these risks based on the principle of 'same activities, same risks, and same regulation'
Premier Lee Hsien Loong said in his speech on the subject of digital transformation at the third working meeting of the G20 Leaders' Summit on Wednesday (November 16) that the coronal disease epidemic has accelerated the pace of digitalization in many countries, and digitalization can also provide a driving force for future development and the achievement of Sustainable Development Goals.
The digital field contains many opportunities to promote international cooperation, mutual benefit, and win-win results. Premier Li proposed that G20 countries should establish consistent international regulations for digital assets.
He said that the economic potential of digital assets is enormous, and by allowing all parties to directly engage in real-time transactions, customs clearance, and settlement of high-value assets, efficiency and liquidity are improved. These technologies can also promote cross-border trade and settlement, as well as the transformation of capital market activities.
However, with the popularization of digital innovative technologies and closer connection with financial markets, they may also pose risks to financial stability.
Therefore, the G20 should develop international regulations with relevant rulemaking agencies to address these risks based on the principle of 'same activities, same risks, and same regulation'