G20 leaders will review reports made by the International Monetary Fund (IMF), the Financial Stability Board (FSB), Organization for Economic Cooperation and Development (OECD), and Bank for International Settlements (BIS). According to the report, by the end of 2022 the G20 members, the IMF, the World Bank and the BIS will have completed regulatory stablecoin frameworks and research and selection of CBDC designs, technologies and experiments. Despite the protestations of the idealists and anarchists in the BTC and ETH camps, reality moves on without them. A world in which Changpeng Zhao, Sam Bankman-Fried, and Paolo Ardoino get to operate with impunity was never going to last long. Whether you love the law or hate it, it exists, and it’s going to run the bad eggs out of the industry. Bitcoin BTC , ethereum and other major cryptocurrencies have been struggling under the weight of regulatory uncertainty—with the Federal Reserve warning it’s “deeply concerned.”
Stablecoins are digital currencies that are often linked to physical currencies such as the U.S. dollar. The IMF and the World Bank will have the technical capabilities to facilitate CBDC transactions involving the countries by the end of 2025, the report said. International financial authorities and 20 of the world’s largest economies are establishing official standards for regulating and issuing sovereign digital currencies. In July, the FSB will take the lead with the release of critical recommendations for G20 nations to follow in their quest for digital currency directives. Per the document, the FSB’s recommendations will place a premium on the policing of stablecoins and their issuers, digital currency exchanges, and anti-money laundering (AML) processes.
Many critics are concerned that governments and central banks will eventually regulate cryptocurrencies and then immediately replace them with central bank digital currencies (CBDCs), which lack similar privacy and security. As money and payments have become more digital, the world’s central banks have realized that they need to provide a public option—or let the future of money pass them by. As the first media outlet to report on blockchain-powered applications, we provide early adopters, developers, and visionary leaders with access to emerging technological landscapes, including wallets and games.
More than 100 countries are exploring CBDCs at one level or another, according to the IMF. But as of 2022, only a handful of countries and territories have CBDC or have concrete plans to issue them. Despite how efficient quantum is at unlocking algorithms (traditional crypto equations based on factoring huge prime numbers), it isn’t infallible, and that is where the promise lies in quantum-safe crypto. “Part of the issue with qubits is that they are unstable and produce errors. This chip has significant error correction capabilities, which mitigates some of the qubit issues,” Hollebeek said. While Willow may not be ready for real-world applications yet, Willow’s speed and accuracy will help pave the way for larger-scale quantum computers.
China has been developing its digital yuan for years now, also spurred by the initial traction that Libra got. The Asian giant has laid down the infrastructure for the distribution of the CBDC, partnering with banks, payment companies and retail firms. While it appears that a majority of G20 nations support common global regulations for digital currencies, others are pushing for rules that will reflect the peculiarities of their local jurisdictions.
“The digital asset industry plays a crucial role in innovation and economic development in the United States, as well as our Nation’s international leadership,” the order states. The IMF’s CBDC Virtual Handbook is a reference guide for policymakers and experts at central banks and ministries of finance. It serves as a basis for capacity development delivery, aiming to share knowledge, lessons, and frameworks to address policymakers’ most frequently asked questions concerning central bank digital currencies.
This marks a dramatic shift from Trump’s earlier skepticism of cryptocurrency. In 2019, he called Bitcoin a “scam” and insisted the U.S. dollar would always remain dominant. However, his 2024 campaign received significant financial backing from crypto investors, leading to a pro-crypto pivot. His administration is now aggressively pushing digital asset adoption, appointing pro-crypto regulators and advocating for Bitcoin-friendly policies. The G20 is not the only entity pushing for a concerted global effort for digital currency regulation. There’s also the G7, whose member nations are extending the call for uniform standards to CBDCs.
David Rodeck specializes in making insurance, investing, and financial planning understandable for readers. He has written for publications like AARP and Forbes Advisor, as well as major corporations like Fidelity and Prudential. That added a layer of expertise to his work that other writers cannot match. It’s recommended that investors speak with a financial professional before committing their money to these or any other asset classes. Digital currency, on the other hand, is any form of currency that exists solely in digital form.
