Xi Jinping has called on G20 leaders to lay the groundwork for central bank digital currencies adoption by developing standards and principles. Xi believes this will allow these countries to handle the risks and challenges that come with the adoption of CBDCs.
China’s president was speaking during the 15th meeting of the G20 countries held in Riyadh, Saudi Arabia. Xi told the summit that the G20 has a crucial role to play in the post-COVID-19 global rebuild, suggesting a number of measures he believes can help in achieving this.
One of these is promoting the sound development of a digital economy, Xi stated, as per a transcript made publicly available by the Chinese Ministry of Foreign Affairs. The Chinese president called on the G20 nations to adopt people-centered policies that “encourage innovation and build trust.”
On CBDCs, he urged the G20 nations to lead the way with an open and accommodating attitude.
“The G20 also needs to discuss developing the standards and principles for central bank digital currencies with an open and accommodating attitude, and properly handle all types of risks and challenges while pushing collectively for the development of the international monetary system.”