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

<img class=”wpe_imgrsssrc=”https://static.coindesk.com/wpcontent/uploads/2019/11/Xi_Jinping_Shutterstock_China_President1200×628.jpg“><div id=”node0readability=”30“>
<p class=”text“>Chinas President Xi Jinping this week that the group of the worlds 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.

Disclosure