October 13 (Hfrance.fr) - Le Groupe des Seven advanced economies said Wednesday that any digital currency issued by a central bank must "support and not harm " the bank's ability to fulfill its mandate on monetary and financial stability, and must also meet rigorous standards.
If issued, a central bank digital currency (CBDC) would complement cash and could serve as a safe and liquid settlement asset and point of 'anchor for the payments system, the G7 countries said after their Wednesday meeting.
But currencies must be issued in a way that does not infringe on central bank mandates, and meet rigorous standards of confidentiality, transparency and accountability for protecting user data, they said.
"Any central bank digital currency (CBDC) should be based on long-standing public commitments to transparency, rule of law and good economic governance "the G7 finance leaders said in a statement.
While CBDCs could improve cross- payments, countries in the G7 have declared that they have a "shared responsibility to minimize the adverse fallout for the international monetary and financial system.
World central banks intensified their efforts to develop their own digital currencies in order to modernize financial systems and speed up domestic and international operations. payments.
China leads the way in issuing digital currency, as G7 central banks strive establishedr common standards for CBDC broadcasting while some are experimenting. Report by Leika Kihara in Tokyo; Edited by Christopher Cushing and Leslie Adler
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