China urged the G20 to form a single standard for government digital currencies.

The rapid development of the digitalisation of international economies needs to be regulated in accordance with the uniform Central Bank Digital Currency Standards (CBDC). This was stated by Chinese President Xi Jinping at the G20 Summit.

In his opinion, the countries of the world need to develop „open and friendly“ principles for developing national digital currencies.

„The G20 needs to discuss the development of standards and principles for digital currencies of central banks with an open and friendly approach, and properly deal with all types of Bitcoin Trader risks and problems, collectively seeking to develop an international monetary system,“ said Xi Jinping.

Xi Jinping did not specify any details on a possible CBDC development standard.

China is one of the leaders in the digitization of the economy. The digital yuan developed by the local CBDC has already passed public testing in the Chinese city of Shenzhen, where residents have managed to spend about 8.8 million yuan ($1.34 million).

Meanwhile, Russia is also conducting public consultations on the issue of the digital ruble. In October, the Bank of Russia announced an assessment of the opportunities and prospects for the production of the digital rouble in close contact with society.