{
  "title": "Introductory Remarks at Global Conference on the G20 Data Gaps Initiative 3 (DGI-3)",
  "publication": "IMF News, June 14, 2023",
  "sourceUrl": "https://www.imf.org/en/news/articles/2023/06/14/sp-introductory-remarks-at-global-conference-on-the-g20-data-gaps-initiative-3",
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  "summary": "Introductory Remarks by IMF Deputy Managing Director Bo Li at Global Conference on the G20 Data Gaps Initiative 3 (DGI-3) Panel Discussion: Digitally Driven Financial Innovation",
  "authors": [
    "IMF Deputy Managing Director Bo Li Panel Discussion"
  ],
  "publishDate": "2023-06-14",
  "sections": [
    {
      "heading": "Context and event",
      "content": "- Speaker: IMF Deputy Managing Director Bo Li\n- Event: Global Conference on the G20 Data Gaps Initiative 3 (DGI-3) — Panel Discussion: Digitally Driven Financial Innovation\n- Date: June 14, 2023"
    },
    {
      "heading": "Opportunities from digital financial innovation",
      "content": "- Digital money and Fintech credit services are reshaping the financial landscape, offering potential benefits for:\n  - economic growth\n  - financial inclusion\n- Digitalization has made financial services more accessible and affordable for those who remain unbanked, including:\n  - the poor\n  - the young\n  - women"
    },
    {
      "heading": "Risks and challenges identified",
      "content": "- Fintech credit activity outside of the regulatory perimeter is growing rapidly and could lead to more procyclical credit provision.\n- Growing competition may prompt traditional banks to lower credit standards and increase risk-taking.\n- Crypto assets are already affecting some emerging market and developing economies with significant holdings of liquid assets that are issued abroad.\n- “Cryptoization” (domestic currency substitution by digital money such as CBDCs, stablecoins, or other crypto assets) can have seriously negative consequences:\n  - Broad money and international capital flows could become significantly underestimated.\n  - Underestimation could undermine the effectiveness of domestic monetary policies.\n  - There is a risk of loss of monetary sovereignty."
    },
    {
      "heading": "Policy implications and central bank priorities",
      "content": "- Central banks must ensure financial systems remain stable and resilient amid digitalization.\n- Traditional frameworks for conducting monetary policy may need to adapt to effectively address new dynamics introduced by digital money and Fintech."
    },
    {
      "heading": "Data gaps, G20 role, and recommended actions",
      "content": "- Quality data is central to sound policy decisions; as the digital economy expands, timely and reliable data becomes even more critical.\n- Tackling data gaps in digital financial innovation is an urgent priority.\n- The G20 can play an important role by:\n  - improving the formal “accounting” of new forms of money and Fintech credit services\n  - enhancing data availability\n  - promoting data-sharing frameworks"
    },
    {
      "heading": "Panel and purpose of the discussion",
      "content": "- The panel of experts will:\n  - examine challenges and opportunities from the digitalization of financial services\n  - discuss the essential role of data for prudent and proactive policymaking\n  - address how to close critical data gaps in digital financial innovations\n\nIntroductory Remarks by IMF Deputy Managing Director Bo Li at Global Conference on the G20 Data Gaps Initiative 3 (DGI-3), June 14, 2023\n\n---\n\n\n References\n\n- Bo Li\n- Speeches\n- PRESS CENTER\n- https://www.imf.org/en/home\n\nSource: https://www.imf.org/en/news/articles/2023/06/14/sp-introductory-remarks-at-global-conference-on-the-g20-data-gaps-initiative-3"
    }
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    "Authors: IMF Deputy Managing Director Bo Li Panel Discussion",
    "Published: June 14, 2023",
    "Speaker: IMF Deputy Managing Director Bo Li",
    "Event: Global Conference on the G20 Data Gaps Initiative 3 (DGI-3) — Panel Discussion: Digitally Driven Financial Innovation",
    "Date: June 14, 2023",
    "Digital money and Fintech credit services are reshaping the financial landscape, offering potential benefits for:",
    "Digitalization has made financial services more accessible and affordable for those who remain unbanked, including:",
    "Fintech credit activity outside of the regulatory perimeter is growing rapidly and could lead to more procyclical credit provision.",
    "Growing competition may prompt traditional banks to lower credit standards and increase risk-taking.",
    "Crypto assets are already affecting some emerging market and developing economies with significant holdings of liquid assets that are issued abroad.",
    "“Cryptoization” (domestic currency substitution by digital money such as CBDCs, stablecoins, or other crypto assets) can have seriously negative consequences:",
    "Central banks must ensure financial systems remain stable and resilient amid digitalization.",
    "Traditional frameworks for conducting monetary policy may need to adapt to effectively address new dynamics introduced by digital money and Fintech.",
    "Quality data is central to sound policy decisions; as the digital economy expands, timely and reliable data becomes even more critical.",
    "Tackling data gaps in digital financial innovation is an urgent priority.",
    "The G20 can play an important role by:",
    "The panel of experts will:",
    "[Bo Li](https://www.imf.org/en/About/senior-officials/Bios/bo-li)",
    "[Speeches](https://www.imf.org/en/news/searchnews)",
    "[PRESS CENTER](http://presscenter.imf.org/)",
    "[https://www.imf.org/en/home](https://www.imf.org/en/home)"
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