G20 on blockchain: Essential to build accountable digital economy for all “

At a time when governments must fight to restore the public’s faith in cross-border economic cooperation, blockchains can play a critical role in strengthening economic resilience while ensuring the global economy works to the benefit of all,” the G20 statement read. Bitcoin, as a digital asset, may have been scrutinized around the globe but it the core idea or rather software that gives life to this monster – the blockchain – has increasingly gained acceptance around the globe and is now its benefits are officially recognized by the G20 group of countries. In a recent statement, authored by Julie Maupin, a senior fellow with CIGI’s International Law Research Program, said that the G20 nations should engage with blockchain technologies to build an inclusive, transparent, and accountable digital economy for all. 

 “At a time when governments must fight to restore the public’s faith in cross-border economic cooperation, blockchains can play a critical role in strengthening economic resilience while ensuring the global economy works to the benefit of all,” the statement said. “To contribute to economic resilience, the G20 should constitute and fund a Central Banks Blockchain Consortium to study the monetary and fiscal policy implications of the rise of cryptocurrencies and other blockchain technologies,” the statement further added. Blockchain is a software that uses cryptographic algorithms to maintain a decentralized public ledger that records transactions and ownership of digital assets over a peer-to-peer network 

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