{"id":32165,"date":"2020-11-22T13:56:03","date_gmt":"2020-11-22T11:56:03","guid":{"rendered":"https:\/\/forklog.com\/en\/?p=32165"},"modified":"2025-08-28T07:18:52","modified_gmt":"2025-08-28T04:18:52","slug":"chinas-leader-urges-the-g20-to-develop-universal-standards-for-cbdcs","status":"publish","type":"post","link":"https:\/\/forklog.com\/en\/chinas-leader-urges-the-g20-to-develop-universal-standards-for-cbdcs\/","title":{"rendered":"China&#8217;s leader urges the G20 to develop universal standards for CBDCs"},"content":{"rendered":"<p>Participants in the G20 should discuss developing standards for central bank digital currencies (CBDCs) with an open and constructive approach, <a href=\\\"https:\/\/www.fmprc.gov.cn\/mfa_eng\/zxxx_662805\/t1834379.shtml\\\" target=\\\"_blank\\\" rel=\\\"noopener noreferrer\\\">said<\/a> Chinese President Xi Jinping.<\\\/p>\\n<\/p>\n<p>Speaking at the group\u2019s virtual summit, he added that this would help address problems and risks appropriately, advancing the collective development of the international monetary system.<\\\/p>\\n<\/p>\n<p>Earlier, the head of China <a href=\"https:\/\/forklog.com\/en\/news\/china-to-take-an-active-role-in-shaping-international-cbdc-regulation\">set<\/a> for the country the goal of taking an active stance in developing international CBDC regulation.<\\\/p>\\n<\/p>\n<blockquote class=\\\"wp-embedded-content\\\" data-secret=\\\"LOhTXMdTSn\\\">\n<p>What is central bank digital currency (CBDC)?<\/p>\n<\/blockquote>\n<p>\\n<\/p>\n<p><iframe loading=\\\"lazy\\\" class=\\\"wp-embedded-content\\\" sandbox=\\\"allow-scripts\\\" security=\\\"restricted\\\" style=\\\"position: absolute; visibility: hidden;\\\" title=\\\"\u201cWhat is central bank digital currency (CBDC)?\u201d \u2014 ForkLog\\\" src=\\\"https:\/\/forklog.com\/cryptorium\/chto-takoe-tsifrovaya-valyuta-tsentrobankov-cbdc\/embed#?secret=2cCsrDG84m#?secret=LOhTXMdTSn\\\" data-secret=\\\"LOhTXMdTSn\\\" width=\\\"500\\\" height=\\\"282\\\" frameborder=\\\"0\\\" marginwidth=\\\"0\\\" marginheight=\\\"0\\\" scrolling=\\\"no\\\"><\\\/iframe><\\\/p>\\n<\/p>\n<p>The People\u2019s Bank of China continues testing the digital yuan-based payment system DCEP. According to local media, the citywide pilot project <a href=\"https:\/\/forklog.com\/en\/news\/media-beijing-to-run-a-citywide-test-of-the-digital-yuan\">will take place<\/a> in the capital Beijing and will be similar to the program conducted in Shenzhen.<\\\/p>\\n<\/p>\n<p>In October, the city authorities first distributed the digital yuan among residents. Applications for one of the 50 000 \u201cred packets\u201d <a href=\"https:\/\/forklog.com\/en\/news\/digital-yuan-airdrop-drew-nearly-2-million-people\">were filed<\/a> by almost 2 million people.<\\\/p>\\n<\/p>\n<p>Winners of the lottery <a href=\"https:\/\/forklog.com\/en\/news\/95-of-shenzhen-red-envelope-lottery-winners-spent-their-digital-yuan-prize\">spent<\/a> 88% of the distributed funds, executing 62 788 transactions totaling 8.8 million yuan (~$1.3 million).<\\\/p>\\n<\/p>\n<p>Head of the central bank Yi Gang <a href=\"https:\/\/forklog.com\/en\/news\/pboc-governor-reports-4-million-digital-yuan-transactions\">said<\/a> that in the four-city pilot programs users carried out more than 4 million transactions totaling over 2 billion yuan (~$299 million).<\\\/p>\\n<\/p>\n<blockquote class=\\\"wp-embedded-content\\\" data-secret=\\\"M4kzlW3rlm\\\">\n<p><a href=\"https:\/\/forklog.com\/en\/news\/how-chinas-digital-yuan-dcep-put-it-at-the-forefront-of-monetary-innovation\">How China managed to become a leader in monetary innovation thanks to the digital yuan (DCEP)<\/a><\\\/p><\\\/blockquote>\\n<\/p>\n<p><iframe loading=\\\"lazy\\\" class=\\\"wp-embedded-content\\\" sandbox=\\\"allow-scripts\\\" security=\\\"restricted\\\" style=\\\"position: absolute; visibility: hidden;\\\" title=\\\"How China managed to become a leader in monetary innovation thanks to the digital yuan (DCEP) \u2014 ForkLog\\\" src=\\\"https:\/\/forklog.com\/exclusive\/kak-kitayu-udalos-vyjti-v-lidery-monetarnyh-innovatsij-blagodarya-tsifrovomu-yuanyu-dcep\/embed#?secret=cCkeKzGatx#?secret=M4kzlW3rlm\\\" data-secret=\\\"M4kzlW3rlm\\\" width=\\\"500\\\" height=\\\"282\\\" frameborder=\\\"0\\\" marginwidth=\\\"0\\\" marginheight=\\\"0\\\" scrolling=\\\"no\\\"><\\\/iframe><\\\/p>\\n<\/p>\n<p>Follow Forklog news on <a href=\\\"https:\/\/www.facebook.com\/forklog\\\" target=\\\"_blank\\\" rel=\\\"nofollow noopener noreferrer\\\"> Facebook<\/a>!<\\\/p><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Participants in the G20 should discuss developing standards for central bank digital currencies (CBDCs) with an open and constructive approach, said Xi Jinping.<\/p>\n","protected":false},"author":1,"featured_media":32166,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"1","news_style_id":"","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[1095,133,1324,36],"class_list":["post-32165","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-cbdc","tag-china","tag-g20","tag-regulation"],"aioseo_notices":[],"amp_enabled":true,"views":"","promo_type":"1","layout_type":"","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/32165","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/comments?post=32165"}],"version-history":[{"count":1,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/32165\/revisions"}],"predecessor-version":[{"id":32167,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/32165\/revisions\/32167"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media\/32166"}],"wp:attachment":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media?parent=32165"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/categories?post=32165"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/tags?post=32165"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}