Regulating Global Stablecoins and Central Bank Digital Currencies in Selected G20 Countries

Abstract

Digitalization of the global economy, which has intensified during the COVID-19 pandemic, is leading to the development of digital currencies. Financial authorities in most countries are working to design regulation aimed at minimizing the risks associated with privately issued digital assets. At the same time, research is being carried out, and several pilot projects have been launched, on the use of central bank digital currencies (CBDCs)—a new payment instrument that can potentially contribute to stimulating innovations, expanding access to financial services, simplifying cross-border payments, and maintaining financial stability. In this article, the author examines the approaches of some G20 members to regulating CBDCs and global stablecoins (GSC)—a financial instrument pegged to real assets, which is a potential alternative to traditional fiat currencies. The author then identifies general tendencies in the approaches of the considered jurisdictions to regulation and proposes recommendations on intensifying the development of Russia’s national rules and norms in this area, primarily for GSC, and strengthening international cooperation.