G20 officials announced on July 11 that they would start preparing a legal framework to help adopt digital payments and help adopt such solutions in the markets. Important actions are to be taken fairly quickly, because before the next G20 summit, which is to take place in Saudi Arabia.
G20 and digital payments
According to the portal Kyodo News in an July 11 article, officials from major countries around the world revealed to the media that the G20 summit, which will feature representatives of 19 countries and the European Union, will put particular emphasis on global adoption of digital payments. Specific changes at the regulatory level are expected to start as early as October this year, probably during a meeting of G20 finance ministers and parliamentarians in Washington, and at the same time before the next summit in Riyadh, the capital of Saudi Arabia, which is to take place a month later, in November.
According to the Japanese news portal, G20 officials mainly react in this way to China’s progress in the creation of the digital yuan and the anticipated issue of Libra, Facebook’s digital currency.
In turn, cryptocurrency media informed the public in June that the People’s Council of China of the Chinese Social Security Council announced the completion of work on the architecture of the digital currency of the central bank (CBDC).
The above is certainly true, because there are even photos showing the digital yuan application running on the smartphone (of course, the e-wallet). We also know that tests of the new system are ongoing in several Chinese cities.
Change in the ratio of G20 to digital currencies
At the 2019 G20 Summit in Osaka, leaders of the world’s major states said that cryptocurrencies do not pose a threat to the world’s monetary stability and that technological innovation can bring significant benefits to hosts. However, in October, officials and politicians said that projects like Stablecoins pose a serious threat to public policy and financial regulations.
It is not clear how this fall the same people will look at cryptocurrencies when they create the legal framework for the digital payments market.