G20 nations could begin accepting digital currency payments before the end of this year, a new report has revealed. In a recent summit, officials from these nations agreed to foster digital currency payments and start laying the groundwork by the end of the year.
The G20 has traditionally dismissed digital currencies, claiming that they were not significant enough to affect the global financial system. However, in recent years, the digital currency industry has grown astronomically. This has led to a change of stance by the forum which is now progressively warming up to digital currencies.
In its most recent summit, the forum has made a huge leap in this regard, pledging to fully support digital currency payments. As per a report by Japanese outlet Kyodo News, the forum is seeking to foster the industry by laying the groundwork for its citizens to accept digital currency payments.
The outlet further claims that these changes will begin by October this year when the G20’s finance ministers meet in Washington. This meeting will come just a month before the G20 summit which will be held in Riyadh, Saudi Arabia.
Facebook’s Libra pursuit was one of the key drivers of the change in attitude towards digital currencies, the outlet claims. Though ill-fated, the social media giant’s digital currency attempts proved that the world is ready for digital payments. Just like with the U.S Federal Reserve, the People’s Bank of China and many other central banks, Libra served as a wakeup call for the G20 nations.