October 21, 2020

G20 countries discuss CBDC sovereign digital currencies topic

Yahoo Japan Journalists Receive Evidence of Active Discussion by G20 Finance Ministers and Central Banks, Topics sovereign cryptocurrencies CBDC. Current working meetings between financial departments should prepare a substantive discussion of the issue at the G20 summit in October this year.

CBDC is a new stage in the evolution of cash that will replace cash coins and banknotes.

Stimulate the use of sovereigncryptocurrencies by the population can only guarantee that central banks will not track digital transactions and associate them with personal data. This can be done by implementing a public blockchain in the solution, but the G20 Central Banks are faced with the problem of combating money laundering.

The use of open source technologies will givecitizens freedom of cross-border transactions and exchanges, simplifying the financing of international crime, concealment of income and other financial crimes. This is a common problem for all countries, regardless of their development status and CBDC launch plans.

China closest to sovereign issuecryptocurrencies, the digital renminbi passed all stages of testing until the beginning of 2020, but the country's authorities have not yet announced the date the financial system was updated. Japan does not see the point of switching to digital currency without offline solutions. According to authorities, only 68% of the country's citizens have smartphones without which it is impossible to conduct transactions.