Crypto currency related payments may become a reality for G20 members before the upcoming summit to be held in Saudi Arabia.
As reported by native reported media ‘Kyodo News’ on 11th July, officials revealed that the G20 summit compromising representatives from over 19 countries as well as the European Union will be laying the groundwork to simply accept digital payments. The changes are expected to start in October, presumably at the G20 Finance Ministerial and Deputies Meetings in Washington DC and before the upcoming summit in Riyadh in November.
In line with the Japanese news outlet, G20 officials enacted the policy amendments in response to China’s progress on creating a digital yuan, and Facebook’s anticipated release of Libra. As reported earlier in June, the People’s Bank of China’s National Council for Social Security announced the completion of the backend architecture development for the country’s CBDC [Central Bank Digital Currency].
Changing Mindset Towards Digital Currencies Adoption
Within the earlier 2019 G20 summit held in Osaka, leaders stated that cryptocurrencies didn’t constitute a threat to monetary stability, and that the technological innovation could deliver significant benefits to the economy. However, later in October members said stablecoins posed a significant risk to public policy along with the financial regulations.