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China’s Xi Asks G20 Countries to Be ‘Open and Accommodating’ to CBDCs

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In a wide-ranging speech that addressed the future of the global economy in the wake of the COVID-19 pandemic, Xi said that 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 that China’s planned digital yuan will account for 15% of total consumption payments in 10 years.

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