G20 Told IMF to Conduct a Study About Digital Currency

Bandung, CNBC Indonesia - The G20 Summit did not succeed in confirming the feasibility of using central bank digital currencies (CBDCs).

Quoted from the agreement of the G20 Summit in Nusa Dua, Bali, which ended this afternoon, the G20 will continue our discussions on CBDC to better understand the implications for macro-finance, monetary systems and international finance, including for capital spillovers and flows.

"We look forward to the IMF's Institutional Outlook review on liberalization and the management of capital flows," the G20 said in its declaration.

In this regard, the G20 also welcome the continuous discussion on CBDCs, as these may be designed to facilitate cross-border payments while maintaining the stability of the international monetary and financial system.

"We look forward to the G20 Techsprint 2022, a joint initiative with the BIS Innovation Hub, which will contribute to the debate on the most practical and feasible solutions to implement CBDC," the G20 Summit said.

Many G20 members have built industry and government competencies to leverage technology to advance the delivery and efficiency of financial services, not least through central bank digital currencies (CBDCs). These G20 countries consist of Brazil, Japan, and others.

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