China Urges G20 to Create Unified Standards for CBDCs
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The rapid development of digitization of international economies must be regulated in accordance with unified standards for central bank digital currencies (CBDCs), Chinese president Xi Jinping said during the G20 summit.

He believes countries need to set "open and accommodating" principles for the development of central bank digital currencies.

"The G20 also needs to discuss developing the standards and principles for central bank digital currencies with an open and accommodating attitude, and properly handle all types of risks and challenges while pushing collectively for the development of the international monetary system," Xi Jinping said.

Xi Jinping has not given more details about a possible standard for CBDCs.

China is one of the leaders in the digitalization of the economy. The digital yuan developed by the country's central bank has already completed its public tests in the Chinese city of Shenzhen, whose residents have spent about 8.8 million yuan ($1.34M).

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