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G20 Drafts Regulatory Groundwork for Accepting Digital Currencies.

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World’s international forum for the governments and central bank governors from 19 countries and the European Union (EU) is looking to implement a regulatory groundwork for accepting digital currencies for its member states. 

Japanese local news outlet, Kyodo News reports on July 11, that the G20 summit comprising of representatives from 19 countries and the European Union will be drafting the groundwork to accept digital payments. 

The organisation is looking to take off with the implementation, starting from October, presumably at the G20 Finance Ministerial and Deputies Meetings in Washington DC.

The changes according to Koyodo news is in response to China’s move to drive the use of digital yuan, and the subsequent Facebook’s anticipated release of Libra. 

Read Also: World Bank: Remittance to Nigeria and Other Low and Middle-income Countries to Drop by 19.7 Percent.

Diutocoinnews reported in April that a recent update with an image was circulating on the internet about China’s digital yuan mobile application in play. 

The purported app’s payment functionality includes:

  • Ability to make retail payments by scanning a barcode.
  • Ability to send money, request a payment. 
  • Peer-to-peer payments. 

The wallet management function of the app includes:

  • Managing Funds
  • Link the wallet to other accounts 
  • Track all transactions. 

The possible adoption by G20 member states can lead to wider adoption by other countries around the world.

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