Xi Jinping: “G20 needs to develop a single standard for state-owned cryptocurrencies»

Xi Jinping: "G20 needs to develop a single standard for state-owned cryptocurrencies»

President of the People’s Republic of China Xi Jinping called for a unified and open approach to national digital currencies during a meeting of G20 leaders.

China is the leader in the development of state-owned cryptocurrency among major countries. Xi Jinping stressed that the digital currencies of central banks will allow “the development of a healthier economy.”»:

“The G20 needs to discuss the development of standards and principles for public cryptocurrencies, and do so with an open and friendly attitude. We need to properly identify and manage all types of risks and challenges, while contributing to the development of the international monetary system.”

In early November, the governor of the People’s Bank of China Yi Gang (Yi Gang) said that 4 million transactions worth 2 billion yuan ($299 million) were successfully conducted as part of the digital yuan testing.

In addition, a pilot program was launched in Shenzhen in October, in which 10 million digital yuan ($1.5 million) was distributed to 50,000 residents through a lottery.