G20 Countries Discuss Sovereign Digital Currencies Topic
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Sovereign digital currencies is a new stage in the evolution of cash that will replace cash coins and banknotes
Journalists at Yahoo Japan received evidence of active discussion by the Ministers of Finance and the G20 Central Banks, topics of sovereign digital cryptocurrencies CBDC. Current working meetings between financial departments should prepare a substantive discussion of the issue at the G20 summit in October this year.
To stimulate the use of sovereign cryptocurrency by the population can only guarantee that central banks will not monitor digital transactions and associate them with personal data. This can be done by implementing a public blockchain in the solution, but the G20 Central Banks are faced with the problem of combating money laundering.
The use of open source technologies will give citizens freedom of cross-border transactions and exchanges, simplifying the financing of international crime, concealing income, and other crimes in the financial sphere. This is a common problem for all countries, regardless of their development status and CBDC launch plans.
Which countries are closest to release sovereign digital currencies?
China is closest to issuing sovereign cryptocurrency. The digital yuan passed all stages of testing until the beginning of 2020, but the country’s authorities have not yet announced the date the financial system is updated. Read more here…
Japan does not see the point of switching to digital currency without offline solutions. According to authorities, only 68% of the country’s citizens have smartphones without which it is impossible to conduct transactions. Read more here…
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