The G7 group propose policy principles for future central banks digital currencies
Gathered in the Public Policy Principles document, the G7 group issued a general guide to possible regulatory solutions related to the central bank digital currencies (CBDC). The G7 group recognised this moment as “a pivotal time for the future of money and payments” Principles emphasise that ‘any CBDC must not compromise financial and monetary stability; should coexist with, and complement existing forms of money’
Policy principles are continuation of the work which G7 central banks are doing joined with Sweden and Swiss national Bank. The four year process of testing the CBDC’s technology and possible mass implementation is led by the Bank for International Settlements (BIS). A joint report published in October 2020, outlined foundational principles for, and core features of, a potential CBDC.
Alongside the document, finance ministries of G7 group issued a joint statement on central bank digital currencies, reaffirming main principles from the report, and commit
- to the ambitious implementation of the G20 Roadmap to enhance cross-border payments.
- to international co-operation to ensure common standards for the regulation of stablecoins.
- continue working together to deepen our analysis of these public policy implications,including with relevant international organisations and standard setting bodies