China's Xi calls for G20 to adopt 'open and accommodating attitude' on CBDCs

Xi Jinping, the president of China, remarked during a G20 meeting this week that the group should adopt an "open and accommodating attitude" on central bank digital currencies, or CBDCs.

His remarks on November 21 are notable, given that China is on the cusp of launching its own digital currency system, dubbed DC/EP. Testing is underway in Chinese jurisdictions and thousands of citizens have taken part in such trials to date.

Xi referred to CBDCs in the context of "the sound development of the digital economy," according to a transcript published by the Ministry of Foreign Affairs.