March 28, 2024

China urges G20 to form a single standard for state digital currencies

The rapid development of digitalization of international economies must be regulated in accordance withunified standards of digital currencies of central banks (CBDC). Chinese President Xi Jinping said this at the G20 summit.

In his opinion, the countries of the world need to develop "open and friendly" principles for the development of state digital currencies.

G20 needs to discuss the development of standards and principles for digital currenciesCentral banks are open and friendly, and properly cope with all types of risks and problems, collectively seeking the development of the international monetary system," Xi Jinping said.

Xi Jinping did not elaborate on any details on a possible CBDC development standard.

China is one of the leaders in digitalizationeconomy. The digital yuan developed by the local Central Bank has already passed public testing in the Chinese city of Shenzhen, whose residents managed to spend about 8.8 million yuan ($ 1.34 million).

Meanwhile, in Russia, there are also publicconsultations on the issue of the digital ruble. In October, the Bank of Russia announced an assessment of the possibilities and prospects of issuing the digital ruble in close contact with society.

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