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G20 Nations Pledge to Revolutionize Cross-Border Payments and Explore CBDC Implications

Posted on September 9, 2023
G20 Nations Pledge to Revolutionize Cross-Border Payments and Explore CBDC Implications
G20 Nations Pledge to Revolutionize Cross-Border Payments and Explore CBDC Implications
VoM News Desk | September 9, 2023 | 05:55 PM IST | Breaking News | Follow on Google News

G20 Nations Pledge to Revolutionize Cross-Border Payments and Explore CBDC Implications. Image/NDTV

In a significant move aimed at modernizing global financial systems, the G20 nations have come together to prioritize the transformation of cross-border payments, making them faster, more affordable, transparent, and inclusive. This development aligns with the G20’s roadmap for enhancing cross-border payments and signals a commitment to achieving these goals by 2027.

The New Delhi Declaration: A Unified Vision

Under the banner of the New Delhi Declaration, the G20 leaders have officially endorsed this commitment. They recognize the need for immediate action to improve cross-border payment systems, acknowledging that the status quo no longer serves the interests of the global economy.

Lauding G20 TechSprint 2023: Fostering Innovation

The declaration also celebrates the successful culmination of G20 TechSprint 2023, a collaborative initiative with the BIS Innovation Hub. This project is poised to foster innovative solutions with the aim of revolutionizing cross-border payments. By embracing cutting-edge technology and novel approaches, the G20 nations aim to address the challenges hindering efficient international transactions.

Implementation and Collaboration: Key Themes

Central to this commitment is the effective implementation of prioritized actions outlined in the G20 Roadmap for Enhancing Cross-border Payments. The G20 nations are determined to work together, both among themselves and with international organizations and standard-setting bodies (SSBs), to realize these objectives. Collaboration is seen as essential to achieving global targets and ensuring that cross-border payments become faster, cheaper, more transparent, and inclusive.

Central Bank Digital Currencies (CBDCs) on the Radar

Recognizing the transformative potential of Central Bank Digital Currencies (CBDCs), the G20 leaders have welcomed discussions on the macro-financial implications arising from their introduction and adoption. This includes a focus on the impact of CBDCs on cross-border payments and the broader international monetary and financial system. These deliberations are expected to pave the way for informed decision-making in this rapidly evolving landscape.

BIS Innovation Hub and IMF Reports: Informing the Dialogue

The leaders have specifically mentioned the BIS Innovation Hub (BISIH) Report on lessons learned from CBDCs and look forward to the forthcoming IMF Report on potential macro-financial implications resulting from widespread CBDC adoption. These reports will serve as valuable resources for advancing discussions on CBDCs’ role in reshaping the global financial ecosystem.

Combating Illicit Finance: A Shared Responsibility

In addition to their commitment to modernizing cross-border payments and exploring CBDCs, the G20 leaders have affirmed their support for enhanced global efforts to combat illicit finance. This includes seizing, confiscating, and returning criminal proceeds to both victims and states. This stance aligns with international obligations and domestic legal frameworks, with particular support extended to the Financial Action Task Force (FATF).

A Unified Vision for a Transformative Future

The New Delhi Declaration embodies a unified vision among the G20 nations to transform cross-border payments and leverage emerging financial technologies to achieve this ambitious goal. As the world continues to evolve, this commitment reaffirms the G20’s dedication to fostering economic growth, stability, and inclusivity in the global financial landscape.

VoM News Desk
VoM News Desk

VoM News is an online web portal in jammu Kashmir offers regional, National & global news.

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