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Toward Payment-Centric Model of Global Financial Regulation

In: The Platform Economy

Author

Listed:
  • Vladislav E. Ponamorenko

    (Russian Foreign Trade Academy)

  • Gulmira A. Nasyrova

    (L.N. Gumilyov Eurasian National University)

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.

Suggested Citation

  • Vladislav E. Ponamorenko & Gulmira A. Nasyrova, 2022. "Toward Payment-Centric Model of Global Financial Regulation," Springer Books, in: Maxim I. Inozemtsev & Elina L. Sidorenko & Zarina I. Khisamova (ed.), The Platform Economy, pages 215-224, Springer.
    • Handle: RePEc:spr:sprchp:978-981-19-3242-7_15
    DOI: 10.1007/978-981-19-3242-7_15
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    More about this item

    Keywords

    Payments; CBDC; Stablecoins; G20; FSB; FATF; BIS; CPMI; Financial inclusion; Financial integrity; Financial stability;
    All these keywords.

    JEL classification:

    • G20 - Financial Economics - - Financial Institutions and Services - - - General

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