G7 finance leaders develop basic principles for CBDC
Group of Seven advanced economies said Wednesday that any digital currency issued by a central bank must "support and do no harm" the bank's ability to meet its monetary and financial stability mandate, and must meet strict standards.
To mark the launch of the @G7's new report on Central Bank Digital Currencies, the Chancellor @RishiSunak explains what CBDCs are and how they could benefit businesses and consumers.https://t.co/NfUDjtHtRn pic.twitter.com/HOmLKJ8OYx— HM Treasury (@hmtreasury) October 14, 2021
Moreover, CBDCs must not violate central bank mandates, and must meet strict standards of privacy, transparency and accountability to protect user data, they said.
According to G7 countries, CBDCs have an "shared responsibility to minimize harmful spillovers to the international monetary and financial system."
At the moment, none of the G7 countries has yet launched a national digital currency, but many of them are developing projects in this field.