President of the People’s Republic of China, Xi Jinping, is urging G20 nations to support the emergence of central bank digital currencies (CBDCs).
In his opening remarks to the international forum, Xi called on world leaders to create a set of standards and principles supporting digital forms of fiat currency.
“We should support the UN’s leadership role in this field, and work together to foster an open, fair, just and nondiscriminatory environment for building the digital economy…
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.”
China is currently testing a digital version of the yuan. To date, 2 billion yuan worth about $299 million have been used in 4 million separate transactions.
President Xi is also asking G20 nations to improve pandemic preparedness and response, boost international cooperation to combat climate change and work together to responsibly develop artificial intelligence.
G20 leaders representing 19 countries and the European Union are holding a two-day virtual gathering to discuss the pandemic and matters relating to international financial stability, under the chairmanship of Saudi Arabia.
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