G20 participants will begin to create a regulatory framework for digital payments
G20 club members agreed to lay the regulatory framework for digital payments.
According to officials, the first changes should begin in October this year, after a meeting of finance ministers and their deputies in Washington. However, the participants plan to work out this entire direction only by the November summit in Riyadh.
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The governments of the countries decided to reconsider their policy on this issue after China successfully developed the digital yuan and began to integrate it into existing economic systems. An additional incentive was the expectation of the launch of the Facebook Libra project.
The Financial Stability Board, in February, drew attention to the lag of most countries in this matter. Then the chairman of the organization, Randal Quarles, said that regulators are not keeping pace with the rapid development of digital currencies.