Participants in the G20 should discuss developing standards for central bank digital currencies (CBDCs) with an open and constructive approach, said Chinese President Xi Jinping.<\/p>\n
Speaking at the group’s virtual summit, he added that this would help address problems and risks appropriately, advancing the collective development of the international monetary system.<\/p>\n
Earlier, the head of China set for the country the goal of taking an active stance in developing international CBDC regulation.<\/p>\n
What is central bank digital currency (CBDC)?
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The People’s Bank of China continues testing the digital yuan-based payment system DCEP. According to local media, the citywide pilot project will take place in the capital Beijing and will be similar to the program conducted in Shenzhen.<\/p>\n
In October, the city authorities first distributed the digital yuan among residents. Applications for one of the 50 000 “red packets” were filed by almost 2 million people.<\/p>\n
Winners of the lottery spent 88% of the distributed funds, executing 62 788 transactions totaling 8.8 million yuan (~$1.3 million).<\/p>\n
Head of the central bank Yi Gang said that in the four-city pilot programs users carried out more than 4 million transactions totaling over 2 billion yuan (~$299 million).<\/p>\n
How China managed to become a leader in monetary innovation thanks to the digital yuan (DCEP)<\/p><\/blockquote>\n
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