G20 Proposes New Regulation For Accepting Digital Payments

The crypto regulation news today show that G20 proposes new regulation for accepting digital payments in a groundwork document published earlier. The officials announced on July 11 that they would begin laying the regulatory groundwork for the group to accept digital payments.

As we can see, digital currency payments may become a reality for G20 members before the next summit in Saudi Arabia. As reported by Kyoto News before, officials revealed that the G20 summit which comprised members from 19 countries and the European Union will be laying the groundwork to accept digital payments.

Now, G20 proposes these changes to begin in October, presumably at the G20 Finance Ministerial and Deputies Meetings in Washington DC and before the next summit in Riyadh in November 2020. The report by Kyoto news reads the following:

“It was revealed on the 11th that 20 countries/regions (G20) have begun to make adjustments to allow digital payments, a payment method instead of cash. Regulation debate, including prevention of money laundering, is expected to begin in earnest in October. Several G20 officials revealed. Concerned about the influence of the “Libra” planned by Facebook (FB) in the United States, it has restrained the movement of the private sector, but since it has accelerated the introduction plan of each central bank, it will change its policy.”

According to the Japanese news outlet, G20 officials enacted the policy change in response to the progress China has been making on creating a digital yuan as well as the anticipated release of Libra by Facebook. The cryptonews media in June reported that the People’s Bank of China’s National Council for Social Security announced the completion of the backend architecture development for the country’s central bank digital currency (CBDC).

Also, during the 2019 G20 summit in Osaka, leaders stated that cryptocurrencies did not constitute a threat to monetary stability. They also said that technological innovation could deliver some benefits to the economy. However, in October the G20 members also said that stablecoins posed a serious risk to public policy and financial regulations.

All of this leads us to believe that the right direction is set for digital currency payments, and will need to be adopted by countries separately with their own line of rules and regulations.