Chinese President Xi has called on G20 leaders to set up the groundwork for central digital currencies adoption by developing standards and principles. He believes this will allow these countries to handle the risks and challenges that come with the adoption of CBDCs. China’s President was speaking during the 15th meeting of the G20 countries held in Riyadh, Saudi Arabia. He told the summit that the G20 has a crucial role in the post-pandemic rebuild, suggesting several measures he believes can help achieve this.
Chinese President urged G20 nations to adopt people-centered policies.
Chinese President Xi Jinping urged G20 nations to adopt people-centered policies that “encourage innovation and build trust.” He also urged the G20 group to lead the way with an open and accommodating attitude concerning central bank-backed digital currency. He noted, “the G20 also needs to discuss developing the standards and principles for CBDCs 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.” Chinese President had also urged Chinese businesses to take the lead in the blockchain sector later last year.
China is all set to issue its central bank-backed digital currency.
The People’s Bank of China is all set to issue national digital currency dubbed DC/EP soon. China is all set to become the world’s first major nation to issue a national digital currency. Chinese digital currency is being piloted in many cities currently at a large scale. The central bank is expected to issue the national digital currency to the general public in the near future. Central banks across countries are actively working on digital currencies. Some smaller economies have already issued national digital currencies.