G20 members tout ‘clear pathways’ for digital asset innovation

Officials in the G20, under the US’ presidency, recognized that digital assets could support “broad-based economic growth” and called for improvements in cross-border transactions.

Member nations of the Group of 20 (G20) agreed on policies supportive of the potential of digital assets in “broad-based economic growth.”

In a speech released by the US Treasury Department on Tuesday, the G20, currently chaired by the United States, said that all members had agreed with statements recognizing the “transformative role” of digital asset innovation. The body also called on countries to improve cross-border payments and facilitate the transmission of financial services-related data. 

“We commit to advancing responsible and effective regulatory and supervisory frameworks that preserve financial stability, support economic growth, and establish clear pathways for sound digital financial and digital assets innovation, while considering cross-border opportunities and challenges as appropriate,” said the G20 statement.

The G20 added that it was awaiting results from the Financial Stability Board “related to global stablecoin arrangements and stablecoin data sources, availability, and potential challenges.” 

The statements signaling support for digital asset policies and frameworks followed the US and other member countries establishing laws and regulations to address cryptocurrencies and stablecoins, from the Markets in Crypto Assets (MiCA) rules in the EU to US laws like the Guiding and Establishing National Innovation for US Stablecoins (GENIUS) Act.

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