October 13 (Reuters) – The Group of Seven Advanced Economies said on Wednesday that any digital currency issued by a central bank must “support and not undermine” the bank’s ability to fulfill its monetary and financial stability mandate, and must also meet stringent requirements. standards.
If issued, a central bank digital currency (CBDC) would complement cash and could serve as a secure, liquid settlement asset and anchor for the payments system, the G7 countries said after their meeting of Wednesday.
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,” G7 finance leaders said in a statement. communicated.
While CBDCs could improve cross-border payments, the G7 countries have said they have “a shared responsibility to minimize adverse spillovers to the international monetary and financial system.”
Global central banks have stepped up efforts to develop their own digital currencies to modernize financial systems and speed up domestic and international payments.
China is leading the pack in issuing a digital currency, as G7 central banks strive to establish common standards for issuing CBDCs as some experiment.
Report by Leika Kihara in Tokyo; Editing by Christopher Cushing and Leslie Adler
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