G20 develops regulatory framework for digital payments

G20 officials said they will begin to develop a regulatory framework that will allow group members to accept digital payments for the next summit in Saudi Arabia.

According to Kyodo News, the G20 said that representatives of 19 countries and the European Union, which are part of the group, will create a regulatory framework for receiving digital payments. The first changes are expected to take effect in October, presumably at meetings of the finance ministers and G20 representatives in Washington, and the initiative will be implemented before the next summit in Riyadh in November.

G20 members have decided to take this step in response to China’s progress in creating a digital renminbi and the expected release of Facebook Libra cryptocurrency. In June, information appeared that the People’s Bank of China (NBK) completed the next stage of the development of the state cryptocurrency in cooperation with private companies, and creates the legislative basis for the circulation of the digital renminbi.

Recall that last spring, the G20 countries began to prepare to comply with international standards for regulating cryptocurrencies, and in June they called on regulators to assess cryptocurrency risks. In addition, in the fall, financial leaders of the G20 countries expressed concern about global stablecoins, which “carry risks for government and regulation.”

In February this year, G20 finance ministers and central banks insisted on more active implementation of standards that would force cryptocurrency exchanges to disclose information about users. In addition, in October, the FATF Anti-Money Laundering Development Group (FATF) will hold a meeting with representatives of the G20 countries to discuss tougher international regulation of the cryptocurrency industry

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