Officials from the Group of 20 (G20), meeting under the presidency of the United States, have recognized that digital assets could support "broad-based economic growth" and called for improvements in cross-border transactions.

According to a speech released by the US Treasury Department on Tuesday, the G20 — currently chaired by the United States — said all member nations had agreed to statements recognizing the "transformative role" of digital asset innovation. The body also urged countries to improve cross-border payments and facilitate the transmission of financial services-related data. Cross-border payments have been a longstanding G20 priority, as current correspondent banking channels are often slow and costly, and the group has previously framed faster, cheaper payment systems as a way to strengthen financial inclusion and support remittances worldwide.

"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 G20 statement said.

The group 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 Financial Stability Board, which coordinates financial regulation across G20 members, has been reviewing stablecoin arrangements since global regulators flagged potential risks to financial stability from privately issued digital currencies following the collapse of the Terra ecosystem in 2022.

The statements signaling support for digital asset policies and frameworks follow moves by the US and other member countries to establish laws and regulations addressing cryptocurrencies and stablecoins. These include the Markets in Crypto Assets (MiCA) rules in the European Union as well as US legislation such as the Guiding and Establishing National Innovation for US Stablecoins (GENIUS) Act. Because G20 communiqués require consensus among members with widely varying regulatory approaches — from the EU's comprehensive MiCA framework to China's outright ban on cryptocurrency trading — the agreed language signals a shared baseline for how member governments approach digital asset oversight.

A next marker for the industry will be the Financial Stability Board's forthcoming findings on stablecoin arrangements, which the G20 said it is awaiting.

Source: US Treasury Department via Cointelegraph