G20 nations commit to promote faster, transparent, inclusive cross-border payments

Digital Desk: The G20 nations agreed on Saturday to encourage cross-border payments that are quicker, cheaper, more transparent, and inclusive, as outlined in the G20 Roadmap for Enhancing Cross-border Payments.

The success of the G20 TechSprint 2023, a joint project with the BIS Innovation Hub that will promote cutting-edge technologies targeted at enhancing cross-border payments, was also acknowledged in the New Delhi Leaders' Declaration, which was adopted by the G20 leaders.

"We reaffirm our commitment to the effective implementation of the prioritised actions for the next phase of the G20 Roadmap for Enhancing Cross-border Payments to achieve global targets for faster, cheaper, more transparent, and inclusive cross-border payments by 2027 and welcome the initiatives undertaken by SSBs and international organisations in this direction," it said.

The leaders are open to conversations about any potential macro-financial effects that may result from the introduction and use of Central Bank Digital Currencies (CBDCs), particularly those that may affect cross-border payments and the global monetary and financial system.

The top economies made a statement saying that they "welcomed the BIS Innovation Hub (BISIH) Report on Lessons Learnt on CBDCs and look forward to the IMF Report on Potential macro-financial implications of widespread adoption of CBDCs to advance the discussion on this issue."

The leaders' support for enhancing international efforts to seize, confiscate, and return criminal proceeds to victims and states by international obligations and domestic legal frameworks is also discussed in the declaration. This support includes supporting the Financial Action Task Force (FATF) and making the GlobE Network operational.