The rapid development of digitalization of international economies needs to be regulated in accordance with the unified standards of digital currencies of central banks (CBDC). This has been noted by Chinese President Xi Jinping 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.
“The G20 has to review the development of standards and guiding principles for the digital currencies of central banks with an open and friendly approach, and properly address all types of risks and problems, collectively pushing for the development of the global monetary system,” Xi Jinping highlighted.
Xi Jinping did not elaborate on any details on a possible CBDC development standard.
China is one of the leaders in the digitalization of the economy. The digital yuan developed by the local Central Bank has already passed public testing.
Meanwhile, in the EU, public consultations are also underway on the issue of the digital euro. In October, the ECB announced an assessment of the possibilities and prospects for issuing the digital euro in close contact with society.
