Toward Payment-Centric Model of Global Financial Regulation

Vladislav E. Ponamorenko () and Gulmira A. Nasyrova
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Vladislav E. Ponamorenko: Russian Foreign Trade Academy
Gulmira A. Nasyrova: L.N. Gumilyov Eurasian National University

A chapter in The Platform Economy, 2022, pp 215-224 from Springer

Abstract: Abstract The objective of this paper is to provide an overview of the current state of the regulatory trends in cross-border payments, to systematize international documents in this sphere, and to identify conceptual approaches and the main problems. The main focus is given to the G20 Roadmap for Enhancing Cross-border Payments, primarily Area E which deals with influence of new means of payment (CBDC, stablecoins) on the improvement of cross-border payments, with a secondary focus on projects of multilateral payment platforms. The authors assume global financial regulation to be more payment-centric, since cross-border payments cover the intersection of important policies: regulation of the financial market, macro-prudential regulation, monetary policy, development of international trade, global crypto assets regulation, and combating illicit financial flows in the world economy. Global regulation of cross-border payments creates the possibility of making a profound contribution into such regulatory targets as financial inclusion, financial integrity, financial stability, cyber-security, and financial consumer protection.

Keywords: Payments; CBDC; Stablecoins; G20; FSB; FATF; BIS; CPMI; Financial inclusion; Financial integrity; Financial stability (search for similar items in EconPapers)
Date: 2022
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Persistent link: https://EconPapers.repec.org/RePEc:spr:sprchp:978-981-19-3242-7_15

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DOI: 10.1007/978-981-19-3242-7_15

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