The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.
10/13/2020 G7 Finance Ministers and Central Bank Governors’ Statement on Digital Payments | U.S. Department of the Treasury G7 Finance Ministers and Central Bank Governors’ Statement on Digital Payments October 13, 2020 WASHINGTON – The widespread adoption of digital payments has the potential to address frictions in existing payment systems by improving access to financial services, reducing ine iciencies, and lowering costs. At the same time, payment services should be appropriately supervised and regulated to address challenges and risks related to financial stability, consumer protection, privacy, taxation, cybersecurity, operational resilience, money laundering, terrorist and proliferation financing, market integrity, governance, and legal certainty, among others. The public sector, through the provision of fiat currency and the conduct of independent monetary policy, as well as its regulatory and supervisory roles, plays an essential role in ensuring the safety and the e iciency of payment systems, financial stability, and the achievement of macroeconomic objectives. It is in this context, that a number of G7 authorities are exploring the opportunities and risks associated with central bank digital currencies (CBDCs). Confidence in the stability of domestic payment systems and the international monetary system is underpinned by credible and longstanding public sector commitments to transparency, the rule of law, and sound economic governance. We are committed to addressing existing frictions within payment systems and to fostering continual improvement. The G7 continues to support the work of the FSB, FATF, CPMI, and other standard-setting bodies to analyze the risks associated with and determine appropriate policy responses to digital payments. In particular, the G7 underscores the importance of the G20 agenda to enhance the e iciency of cross-border payments and to address regulatory and public policy issues arising from global stablecoins and other similar arrangements. The G7 continues to maintain that no global stablecoin project should begin operation until it adequately addresses relevant legal, regulatory, and oversight requirements through appropriate design and by adhering to applicable standards. https://home.treasury.gov/news/press-releases/sm1152 1/2 10/13/2020 G7 Finance Ministers and Central Bank Governors’ Statement on Digital Payments | U.S. Department of the Treasury Finally, the G7 is concerned by the rising threat of ransomware attacks, particularly in light of malicious actors targeting critical sectors amid the COVID-19 pandemic. These attacks, which o en involve payments in crypto-assets, jeopardize essential functions along with our collective security and prosperity. We a irm our resolve to combat this threat collectively as well as individually. Ransomware Annex to G7 Statement #### https://home.treasury.gov/news/press-releases/sm1152 2/2
@FedFRASER