By Hassan Mehmood (Saudi Arabia)
As China is making satisfactory measures for the launching of the digital economy, the president of China urges world leaders to make necessary standards for central bank digital currencies at the platform of G20.
Xi Jinping, the president of the People’s Republic of China asked the world leaders of G20 to work in a combined form over central bank digital currencies (CBDCs). “We should support the UN’s leadership role in this field, and work together to foster an open, fair, just and nondiscriminatory environment for building the digital economy,” Xi said while talking at the platform of G20 nations.
Standards and Principles
The Chinese president also stresses to make “the standards and principles for central bank digital currencies with an open and accommodating attitude.” To build a global monetary system based on digital currencies, there must be a focus on challenges as well as risks attached to it.
At the beginning of the year, the president asked the financial specialists of the country to work over the feasibility and implementation of blockchain technology in daily works. Over the development of state-based digital currency, also known as digital yuan, the government of the republic started working over it many years ago. After a work of many years, the central bank is in the final stages of launching digital yuan.
Also read:According to China-based news agencies, the government authorities are engaged in rolling out various pilot projects for central bank digital currency. According to reports, nearly 2 billion yuan (approximately $299 million) has been worked and utilized based on the data of calculated transactions.
In order to catch China, various other countries have speed up their process of the development of central bank digital currencies.
What’s more, Xi also urges the world leaders to bring significant improvements in tackling the Coronavirus pandemic and its effects on the economy and other departments.
A virtual meeting is set up involving 19 countries and the European Union to talk about COVID-19 and other things related to the global financial situation.
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