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China’s Xi calls for G20 to adopt ‘open and accommodating attitude’ on CBDCs

China’s Xi calls for G20 to adopt ‘open and accommodating attitude’ on CBDCs

Xi Jinping, the president of China, remarked during a G20 meeting this week that the group should adopt an “open and accommodating attitude” on central bank digital currencies, or CBDCs.

His remarks on November 21 are notable, given that China is on the cusp of launching its own digital currency system, dubbed DC/EP. Testing is underway in Chinese jurisdictions and thousands of citizens have taken part in such trials to date.

Xi referred to CBDCs in the context of “the sound development of the digital economy,” according to a transcript published by the Ministry of Foreign Affairs. 

“The G20… 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,” Xi was quoted as saying.

The Chinese president has previously called for the country to take “the leading position” on the public-sector application of blockchain tech. Meanwhile, China’s cryptocurrency sector has been swept up in a broader crackdown on money laundering, as reported earlier this week.


© 2020 The Block Crypto, Inc. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

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Author: Michael McSweeney