Over the weekend, the third G20 meeting of finance ministers and central bank governors took place, focusing on the Global Stable Coins.
The G20 is the world’s largest economies.
On the 9th and 10th of July, the G20 finance ministers and central bank governors (FMCBG) met in Venice, Italy, to discuss the CBDC as well as global economic and health challenges.
First and foremost, the G20 FMCBGs stated that vaccine introduction continues to improve the global outlook and that ministers and governors are dedicated to bringing the epidemic under control in each nation as quickly as possible.
However, during the following conversation, we saw several significant replies, one of which was the awareness of the necessity to digitize, as reported by the G20.
“G20 FMCBGs also recognised that advanced and well-functioning digital infrastructure is an important driver for the economic recovery and will continue to foster collaboration between the public and private investors to mobilize further investment in infrastructure.”
The G20 has also reaffirmed its commitment to the timely and efficient implementation of a plan to strengthen cross-border payments within the digital infrastructure. Yi Gang, the Governor of the People’s Bank of China, further clarified the position, who stated that all sides are eager to discuss central bank digital currencies.
The G20 and the governor of the People’s Bank of China, on the other hand, both highlight that CBDCs and stable global coins must first and foremost comply with appropriate legal and regulatory standards, failing which they will not be accepted.