Group of Seven advanced economic nations has been discussing central bank digital currencies (CBDCs) this week, concluding that they should “do no harm” and meet rigorous standards.
Finance leaders from the G7 met in Washington on Oct. 13 to discuss central bank digital currencies and endorsed 13 public policy principles regarding their implementation.
The G7, which comprises Canada, France, Germany, Italy, Japan, the U.K., and the U.S., mandated that any newly launched CBDCs should “do no harm” to the central bank’s ability to maintain financial stability. In a joint statement, G7 finance ministers and central bankerssaid:
“Strong international coordination and cooperation on these issues helps to ensure that public and private sector innovation will deliver domestic and cross-border benefits while being safe for users and the wider financial system.”