G-7 finance officials endorsed 13 public policy principles for central bank digital currencies (CBDC) on Wednesday, noting that while electronic cash could support inclusion and innovation in an increasingly digital economy, the currencies also raise important questions regarding policy and regulation. The G-7 countries consist of Canada, the United Kingdom, the United States, France, Germany, Italy, and Japan. The group met in Washington during the annual meetings of the International Monetary Fund and World Bank under the leadership of British finance minister Rishi Sunk, where they discussed CBDCs potentially being used as a digital form of central bank money alongside physical notes and coins. “Innovation in digital money and payments has the potential to bring significant benefits but also raises considerable public policy and regulatory issues,” the G-7 finance ministers and central bankers said in a joint statement issued on Wednesday. “Strong international coordination and cooperation on these issues helps to ensure that …
G-7 Finance Officials Endorse Policy Principles for Central Bank Digital Currencies
October 14, 2021
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Business & EconomyCentral Bankcentral bank digital currencydigital currencyEconomiesG7InternationalPolicyWorld
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