G20 finance ministers and central bank governors closed a two-day meeting in Asheville, North Carolina, with a statement pledging clearer rules for digital assets. The group said digital financial innovation, including digital assets, can support broad-based economic growth and plays a key role in driving private-sector innovation. Members committed to responsible and effective regulation and supervision frameworks that safeguard financial stability, support growth and create a clear path for sound digital finance and digital asset innovation, with cross-border opportunities and challenges weighed where appropriate.
Officials said they look forward to the Financial Stability Board's forthcoming findings on cross-border implications of global stablecoin arrangements, as well as reporting on stablecoin data sources, availability and potential challenges. They also reaffirmed the G20 roadmap for enhancing cross-border payments and called for extending operating hours of large-value payment systems.
The United States, the European Union and Japan are among members that have reviewed how digital assets and stablecoins could improve the efficiency and accessibility of existing financial and payment systems, and have already established relevant frameworks.
G20 finance ministers and central bank governors wrapped up two days of talks in Asheville, North Carolina, with a pledge to set clearer rules for digital assets.
Their statement points to digital financial innovation, including digital assets, as support for broad-based economic growth and a driver of private-sector innovation. Members said: “We are committed to advancing responsible and effective regulation and supervision frameworks to safeguard financial stability, support economic growth, and chart a clear path for sound digital finance and digital asset innovation, while considering cross-border opportunities and challenges, as appropriate.”
Officials now expect the Financial Stability Board's upcoming study on cross-border implications of global stablecoin arrangements. They are also awaiting separate reporting on stablecoin data sources, availability and potential challenges.
The group restated its commitment to the G20 roadmap for cheaper and faster cross-border payments. It also asked member countries to extend operating hours for large-value payment systems.
A number of G20 members have already looked at whether digital assets and stablecoins can make existing financial and payment infrastructure more efficient and accessible. The United States, the European Union and Japan are among them, and each has set up a framework of its own.
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