G20 finance ministers and central bank governors formally acknowledged that digital assets have the potential to support economic growth and pledged to create clear pathways for responsible innovation.
The language was included in a G20 chair’s statement released on Sept. 1 by US Treasury Secretary Scott Bessent. Finance ministers and central bank governors said they shared the view that digital assets could help support economic growth.
The statement also said the group will work together to build “clear pathways” for responsible innovation in digital assets. The goal is to use digital assets as a tool for innovation in the broader economy and financial system while updating the related institutional and regulatory framework.
The group also stressed the need to improve cross-border payment systems. The G20 said it will pursue steps to extend the operating hours of systems used by banks and central banks to process large-value or urgent payments.
It also proposed broader use of ISO 20022, the international financial messaging standard used to exchange information between financial institutions, and measures to facilitate cross-border transfers of financial services data. The steps are intended to improve efficiency in cross-border payments.
Discussions on global stablecoins are also set to continue. The G20 said it is awaiting the results of analysis by the Financial Stability Board on the cross-border effects of global stablecoins.
The statement shows the G20 recognizes the growth potential of digital assets while also emphasizing the need to update rules in areas tied to the global financial system, including cross-border payments and stablecoins.
