The International Cricket Council Friday renamed the World Twenty20 Championships as the T20 World Cup, claiming that it would "enhance" the event's profile and ensure that its status is at par with pinnacle events of the ODI and Test format.
The ICC Board has already approved that all T20s between its Members will be granted international status. It then introduced a regional qualification process for all its 104 Members. In the ICC calender the 50-over marquee is called the World Cup and a world Test Championship is coming up next year.
"...next editions of the (T20) events in 2020 in Australia will be known as the ICC Women's T20 World Cup 2020 and the ICC Men's T20 World Cup 2020," the ICC said in a statement.
"The renaming of the event is also aimed at cementing the importance this event holds in the international cricket calendar and ensuring parity across all three formats of the game," it added.
The decision to rename the event was backed by international captains. South Africa's Faf du Plessis has already stated that the event in the last quarter of 2020 in Australia will be his final ICC event.
"The 50-over World Cup is the pinnacle event that all players strive towards, but I think the T20 World Cup will be the perfect platform for players to put up their hands for the 50-over format," he said.
"Every player dreams of playing in a World Cup in their career and this will give them that extra opportunity."
India men's team captain Virat Kohli and his women's side counterpart Harmanpreet Kaur also welcomed the change of name.
"The pinnacle event for T20 cricket is rightly now the World Cup. India won the first edition of the World T20 in 2007 and it would be a great moment to hold the T20 World Cup trophy aloft in Australia," Kohli said.
"I'm sure this tournament will only grow in popularity in the coming years," added Harmanpreet.
