Science

The G7 defines the guidelines for the issuance of digital currencies by central banks – Sciences et Avenir

(Reuters) – The G7 announced on Wednesday that any digital currency issued by a central bank will have to “support and not harm” the bank’s ability to fulfill its mandate of monetary and financial stability, and will also have to meet rigorous standards.

If issued, a central bank digital currency would complement cash, could serve as a safe liquid settlement asset and an anchor for payment systems, the G7 countries said after their meeting.

However, the coins will need to be issued in a way that does not encroach on central bank mandates and that meet rigorous standards of confidentiality, transparency and accountability to protect user data, the G7 added.

“Any digital currency issued by a central bank must be based on long-standing public commitments to transparency, the rule of law and good economic governance,” G7 finance leaders said in a statement.

While these digital currencies could facilitate cross-border payments, the G7 countries have said they have “a shared responsibility to minimize negative side effects on the international monetary and financial system.”

Global central banks have stepped up their efforts to develop their own digital currencies to modernize financial systems and speed up domestic and international payments.

China has led the movement to issue digital currency, while the G7 central banks have struggled to establish common standards for issuing such currencies, some of them proceeding to experiments.

(Leika Kihara report; French version Camille Raynaud)

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