China’s Xi Asks G20 Countries to Be ‘Open and Accommodating’ to CBDCs

China’s Xi Asks G20 Countries to Be ‘Open and Accommodating’ to CBDCs

xi_jinping_shutterstock_china_president
Chinese President Xi Jinping image via Shutterstock

China’s President Xi Jinping told G20 meeting attendees this week that the group of the world’s largest developed economies should be open to central bank digital currencies (CBDCs) when developing standards for them.

In a wide-ranging speech that addressed the future of the global economy in the wake of the COVID-19 pandemic, Xi said that the G20 “needs to discuss developing standards and principles for central bank digital currencies with an open and accommodating attitude.”  This month, some analysts noted that a drop in bitcoin supply from Chinese miners was caused by a government crackdown on local exchanges. A recent Goldman Sachs report predicts that China’s planned digital yuan will account for 15% of total consumption payments in 10 years.

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