The G20 is laying the regulatory foundation for accepting digital currency payments

BlockBeats -- Compromise representatives from the G20 summit of 19 countries and the European Union will lay the groundwork for accepting digital payments, officials said, according to Japanese media on July 11. The changes are expected to begin in October, possibly at a meeting of G20 finance ministers and deputies in Washington and before the next summit in Riyadh in November.

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According to Japanese media, G20 officials announced the policy change in response to The creation of a Digital renminbi by China and the expected release of Libra by Facebook. In June, the National Social Security Committee of the People's Bank of China announced that it had completed the development of the background architecture for the Central bank's digital currency (CBDC).

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Earlier at the 2019 G20 summit in Osaka, world leaders said cryptocurrencies pose no threat to currency stability and technological innovation can bring significant benefits to the economy. By October 2019, however, G20 leaders said the digital stabilizers posed serious risks to public policy and financial regulation.

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Text link:https://cointelegraph.com

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