China’s Xi calls for “open and accomodating attitude” for CBDCs

Chinese President Xi Jinping asked the G20 members to adopt a friendly approach towards central bank digital currencies (CBDCs).

In a speech delivered on November 21, he also called for the promotion of a healthy development of the digital economy in general and a “people-centered and facts-based policies to encourage innovation and build trust.”

“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,” he said in transcripts made available by the Ministry of Foreign Affairs.

China has recently piloted its CBDC called Digital Currency, Electronic Payment (DCEP), which makes his speech remarkable.

Thousands of Chinese citizens have taken part in the testing of DCEP.

The speech was delivered at the 15th G20 Leadership summit hosted by the Government of Saudi Arabia.

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