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Report: G20 should create Blockchain Consortium

Blockchain is a key for an inclusive, transparent and accountable digital economy in G20 countries.

The Centre for International Governance Innovation (CIGI) released a report stating that the blockchain consortium of G20 should include the central banks of the participating countries, which would jointly study the possibilities of blockchain.

According to the report of a senior fellow at the CIGI Julie Maupin, blockchain could help the countries of G20 to solve two geopolitical problems. Firstly, a distributed registry technology can cope with the difficulties of cross-border trade and generally defeat the mistrust of world economic institutions. Secondly, blockchain can neutralize the risk of increasing the fragmentation of the world economy caused by antiglobal sentiments.

"Blockchain usage tends toward a more decentralized and democratic order which empowers individuals to participate in the global economy directly through systemically embedded transparency, accountability and inclusiveness mechanisms."

According to Maupin, the G20 should organize a research group to identify which regulatory regimes can be made more efficient through the use of blockchain. The report also states that many central banks, including the People's Bank of China, Bundesbank, the Bank of England and the Federal Reserve Service of the United States, are already conducting research in this area.

The recommended areas of blockchain usage include financial and banking services, logistics, financing of alternative energy using environmentally sound materials, digital identification and securit, and so on. In particular, the CIGI consider the possibility of using blockchain in the implementation of the regulatory requirements of the Basel Convention and the World Trade Organization.

A meeting of the finance ministers of the G20 countries was held in Baden-Baden last weekend. The G20 summit will take place in Hamburg in July 2017.


  • March 23, 2017 3:25 PM MSK