Members of G20 have announced that they would lay the regulatory groundwork for the group to accept digital payments.
If this happens, paying through digital currency would become a reality for all the G20 members just before the next summit in Saudi Arabia.
On July 11 Kyodo News reported that G20 officials- comprising of member representatives from 19 countries and the European Union will be laying the regulatory groundwork to accept digital payments.
The report cited that that changes might appear in October, specifically at the G20 Finance Ministerial and Deputies Meetings in Washington DC and also before the next summit in Riyadh in November.
The media outlet highlighted that the officials have looked into enacting the policy in response to China’s progress on creating a digital yuan, and also Facebook’s anticipated release of Libra.
Meanwhile, in June, People’s Bank of China’s National Council for Social Security announced that on the completion of the backend architecture development for the country’s central bank digital currency (CBDC).
A significant fact to be noted here is that during the 2019 G20 summit in Osaka, the leaders stated that cryptocurrencies did not constitute a threat to monetary stability.
They also added the fact that technological innovation could deliver significant benefits to the economy.
However, in 2019 October, its members contradicted by stating that stablecoins posed a serious risk to public policy and financial regulations.