The Chinese President is big on CBDCs.
Be Open and Accommodating to CBDCs, Says China
According to an official statement released by the Ministry of Foreign Affairs of the People’s Republic of China, Chinese President, Xi Jinping, has asked the G20 countries to be receptive to central bank digital currencies (CBDCs).
Per the statement, Xi told G20 meeting attendees that they should be open to CBDCs when developing standards for them.
Notably, Xi was delivering a wide-ranging speech that revolved around the uncertain future of the global economy in the wake of the onset of the COVID-19 pandemic. In that regard, Xi said the G20 “needs to discuss developing standards and principles for central bank digital currencies with an open and accommodating attitude.”
Specifically, Xi noted,
“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.”
The Chinese CBDC Progress Until Now
Of note, China has been one of the leading countries spearheading the development and adoption of CBDCs.
Earlier this year, in April, BTCManager reported that the Chinese CBDC was most likely to be trialed for retail transactions involving multi-national companies like McDonald’s, Starbucks, and Subway, among several others.
Later, in August, reports emerged hinting that China’s CBDC could be inching closer to its launch as numerous state-run commercial banks in the country were found to be reportedly trialing a digital wallet for the proposed national digital currency.
Shortly after, new reports came to light stating that the Chinese digital yuan would be piloted in more cities in the country and that the policy design for the same would be completed by the end of 2020.
Unsurprisingly enough, in response, several neighboring countries upped their game to accentuate research on CBDCs.
BTCManager reported on September 7 that the Japanese government had prioritized the development of a digital yen to compete with China’s ambitious digital yuan.
Similarly, the Central Bank of South Korea recently stated that it is moving toward the technical phase of its CBDC pilot and is in search of a consulting partner after completing the review of the first phase of the project.