G7 finance ministers have agreed to develop CBDC

At the summit in Washington, officials have formulated 13 principles for the development and implementation of digital currency

24.10.2021 - 07:30

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What's new? The financial leaders of the Group of Seven (G7) countries have developed a coordinated position on 13 principles of state policy regarding central banks' digital currencies (CBDC). This could pave the way for wider adoption of CBDC in the world's leading economies. According to the statement of the US Treasury Department, the principles of public policy will be based on transparency, sound economic management and respect for the rule of law.

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What is the development aimed at? It is designed to promote innovation in the monetary sphere and to develop some new digital currencies for retail purposes. However, innovations should be restrained by regulation:

“Innovation in digital money and payments has the potential to bring significant benefits but also raises considerable public policy and regulatory issues.”

What do the authorities say? Officials noted that the digital currencies of central banks will be on a par with cash, providing a secure, liquid alternative for digital and high-efficiency payments.

“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,” the statement said.

The comments were made after a personal meeting of representatives of the financial department in Washington under the leadership of British Chancellor Rishi Sunak.

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