The Chinese president is urging G20 officials to discuss and develop the digital currencies of central banks

The Chinese president is urging G20 officials to discuss and develop the digital currencies of central banks

During the two-day G20 meeting on international financial stability, the Chinese president called on leaders to work on the CBDC.


22 Nov 2020 , 14:08 @ Katie Müller

The Chinese president is urging G20 officials to discuss and develop the digital currencies of central banks

During the two-day G20 meeting on international financial stability, the Chinese president called on leaders to work on the CBDC.

This two-day virtual meeting of G20 leaders under the leadership of the Saudi presidency focuses mainly on issues related to the pandemic but also on international financial stability.

One of the most beneficial speeches was a speech by the Chinese President, Xi Jinping, who expressed a clear position and support for the digital economy in the use of all available technologies.

According to XI J., it was Covid-19 that was the main impetus that stimulated the expansion of new technologies or new business platforms such as 5G, artificial intelligence (AI) and smart cities. According to XI J., these technologies have accelerated the development of a contactless economy, such as online shopping, online education or telemedicine.

In this speech on the contactless economy, it was more or less certain that the Chinese president would also comment on the CBDC and he said:

The G20 also needs to discuss developing the standards and principles for central bank digital currencies with an open and accommodating attitude, and properly handle all types of risks and challenges while pushing collectively for the development of the international monetary system.

The Chinese president is one of the few who can afford to talk about the CBDC, as China is already testing its digital yuan in bulk and only recently informed us, the governor of the People’s Bank of China, that their digital currency has already exceeded more than 4 million transactions worth a total of 2 billion yuan ($ 299 million) in the digital currency.

Read also: The Chairman of the SEC thinks that Bitcoin’s growth is mainly due to the inefficiency of current payments

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