Xi Jinping: “G20 needs to develop a single standard for state cryptocurrencies”

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

China is a leader in the development of state cryptocurrency among large countries. Xi Jinping emphasized that central bank digital currencies will enable a “healthier economy”:

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

In early November, Governor of the People’s Bank of China Yi Gang said that 4 million transactions worth 2 billion yuan ($ 299 million) were successfully completed 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) were distributed to 50,000 residents through a lottery.

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