G20 finance leaders vow to establish 'clear pathways' for digital assets innovation

G20 finance ministers and central bank governors pledged to set out clearer rules for digital assets to promote financial innovation.

In the G20 Chair's statement issued after a two-day meeting in Asheville, North Carolina, the officials acknowledged that digital financial innovation, including digital assets, can support "broad-based economic growth" and play a key role in driving private sector innovation.

"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," the statement said.

The G20 officials said they look forward to forthcoming Financial Stability Board findings on the cross-border implications of global stablecoin arrangements, as well as stablecoin data sources, availability and potential challenges.

They also reaffirmed their commitment to the G20 Roadmap for Enhancing Cross-border Payments, and requested member countries to expand large-value payment system operating hours.

Multiple member countries of the G20, including the U.S., EU, and Japan, have already established frameworks for digital assets or stablecoins, upon reviewing their potential to expand the efficiency and accessibility of the current financial and payments systems.