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G20 Laying Foundations to Boost Digital Currency Acceptance

G20 – a leading forum for economic development is making earnest plans to lay a groundwork for the acceptance of digital currencies.

The group of 20 (G20) is a group of finance ministers and central bank governors from 19 countries including European nations which together make an important decision for economic development, international trade, and also puts regulation for the financial markets.

Recently, the updates by Yahoo Japan media outlet show that the G20 forum has revealed it’s further strategies which can set the positive framework for the acceptance of “digital currencies”. Meaning, the upcoming changes would allow the virtual payment mechanism instead of cash.

The information indicates that the imminent launch of Chinese Central bank (PBOC) digital currency (CBDC)/digital yuan concept and actions of Facebook’s “Libra” in the United States has given rise to the important thoughts on digital currency payment systems all across the globe, and G20 is also one of the forums which have become prepared to come up with the deep actions. 

The media outlet citing the reference of Kyodo– Japanese Journal publication mentioned that in October, the group of 19 countries coming together in Washington DC at the G20 Finance Ministerial and Deputies Meetings to debate on creating strong financial inclusion and money laundering prevention schemes. A per the media report, the information revealed on 11th July.

However, the events category section of G20 official website displays that 3rd global partnership on financial inclusion in Washington DC is to be confirmed, at press time,

Recently, China has revealed that the country has become a step closer and started piloting central bank digital currency (CBDC) or digital yuan which is also referred to as the DCEP (digital currency / electronic payment) project with the help of Agricultural Bank of China, or AgBank. 

The bank has designed an app and started experimenting internally to test the interface of China’s CBDC. 

The next G20 summit would possibly take place in Riyadh, November.