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G20 Press Release on Global Stablecoins

Washington DC, October 18, 2019

1. We support ongoing work by standard setting bodies on the existing and emerging risks arising from financial innovations, and welcome the reports on global stablecoins submitted by the Financial Stability Board (FSB) and the Financial Action Task Force (FATF) in response to the Osaka Leaders’ Declaration.
2. We look forward to further reports by the FSB and the FATF in 2020. We also ask the IMF to examine, building on its ongoing work, the macroeconomic implications including monetary sovereignty issues in its member countries, taking into account country characteristics.
3. While acknowledging the potential benefits of financial innovation, we agree that global stablecoins and other similar arrangements with potential systemic footprints give rise to a set of serious public policy and regulatory risks. Such risks, including in particular those related to money laundering, illicit finance, and consumer and investor protection, need to be evaluated and appropriately addressed before these projects can commence operation.

Reports and Documents Received regarding the Global Stablecoins

• Regulatory issues of stablecoins FSB
• President's report to the G20 FATF

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Source: Ministry of Finance of Japan