Share this article
China's Xi Asks G20 Countries to Be ‘Open and Accommodating’ to CBDCs
In a wide-ranging speech, Xi said the G20 “needs to discuss developing standards and principles for central bank digital currencies.”
Updated Sep 14, 2021, 10:33 a.m. Published Nov 21, 2020, 8:16 p.m. 1 min read
China’s President Xi Jinping told G20 meeting attendees this week that the group of the world’s largest developed economies should be open to central bank digital currencies (CBDCs) when developing standards for them.
In a wide-ranging speech that addressed the future of the global economy in the wake of the COVID-19 pandemic, Xi said the G20 “needs to discuss developing standards and principles for central bank digital currencies with an open and accommodating attitude.”
This month, some analysts noted that a drop in bitcoin supply from Chinese miners was caused by a government crackdown on local exchanges. A recent Goldman Sachs report predicts China’s planned digital yuan will account for 15% of total consumption payments in 10 years.
Mehr für Sie
Former Credit Suisse global head of portfolio and Risk Dimensions CIO Mark Connors says bitcoin has broken out of its longest stretch of underperformance in history and is ready to beat stocks, bonds, and gold as inflation stubbornly sticks around.
Was Sie wissen sollten:
- Bitcoin may be entering a new phase of outperformance versus traditional assets after ending its longest-ever stretch of underperformance against the S&P500 in early May, according to investor Mark Connors.
- Connors argues that persistent inflation, structurally high oil prices and a “higher-for-longer” interest-rate environment are pressuring bonds and could favor...
Top Stories
