G20 officials have reportedly revealed their initiative to establish the foundation for regulation, for the organization to support digital payments. 

Specifically, during the G20 summit, representatives across 19 nations and the EU will reportedly be establishing a regulatory foundation for accepting crypto payments. 

The changes will reportedly take place starting October this year, expected to be during the G20 Finance Ministerial and Deputies Meetings held in Washington DC, and prior to the next summit taking place in Riyadh a month after that. 

G20 officials have reportedly put the policy amendment into effect, as a responding act towards China’s progress on building its digital yuan, as well as the stablecoin project Facebook is working on – Libra. 

In June, the People’s Bank of China’s Na­tional Coun­cil for So­cial Se­cu­rity has reportedly disclosed details regarding the finalization of the backend architecture development for the nation’s central bank digital currency (CBDC).

At the G20 summit in Osaka last year, leaders reportedly claimed that cryptocurrencies do not pose a threat to monetary stability, and tech-related innovations can greatly contribute to the economy.