G20 members back clear pathways for digital asset innovation

The G20 endorsed policies recognizing digital assets' potential to support broad-based economic growth. The G20 said all members agreed with statements recognizing the transformative role of digital asset innovation. The group called on countries to improve cross-border payments. The group also called for easier transmission of financial services-related data. The G20 committed to responsible regulatory and supervisory frameworks that preserve financial stability and support economic growth. The frameworks are intended to establish clear pathways for sound digital financial and digital asset innovation. The G20 is awaiting Financial Stability Board results on global stablecoin arrangements. The results will address stablecoin data sources, data availability, and potential challenges. The statements followed the adoption of cryptocurrency and stablecoin laws and regulations by the United States and other members. The European Union established the Markets in Crypto Assets rules. The United States established laws including the Guiding and Establishing National Innovation for US Stablecoins Act.