G20 to discuss replacing fiat with a crypto-currency

English Jul 13, 2020

After China's announcement that their national crypto-currency project is at final stage of development, next G20 Summit, to happen in October, will discuss the use of state-issued crypto-currencies to replace fiat currencies.

Some of the countries that are part of this group with the world's greatest economies are ahead of this planning. Not only China, but also Japan has began testing the technical possibility of replacing their Yen with a crypto-currency. Brazil's Central Bank is also studying such possibility since 2017 and already stated that Pix, the country's new and very modern bank transfers method, will eventually be a digital currency.

The discussion was announced just after a survey conduced by Mastercard in 15 countries has revealed that 53% of Brazilians wish to stop using physical cash. Events like coronavirus spread have also caused the growth in the usage of contactless forms of paying, such as Apple Pay/Samsung Pay or even solutions that use QRCodes, as people look for cleaner and touch-free payment options.


Jefrey Santos

CTO and co-founder at Capitual, programmer and Blockchain engineer. Hobbyist writer from childhood.