G7 Leaders Defined Rules for CBDCs
The financial leaders of the G7 countries, which include Canada, France, Germany, Italy, Japan, the United Kingdom and the United States, met in Washington on October 13 to discuss central bank digital currencies (CBDCs) and endorsed 13 public policy principles for their implementation.
The G7 ruled that any newly launched CBDCs should not harm the central bank’s ability to maintain financial stability.
According to the G7 statement, CBDCs will now complement cash and can act as liquid, safe settlement assets in addition to linking existing payment systems. The statement added that digital currencies should be energy efficient and fully interoperable across borders.
The G7 also noted that no global stablecoin project should start work until it meets the legal, regulatory and supervisory requirements.
At the moment, from the G7 countries, the UK is especially interested in the topic of national digital currencies. The government announced the beginning of a study on the possibility of issuing a conditional “Britсoin” by a new working group, consisting of representatives of the Treasury and the Bank of England. They believe that the creation of a digital national currency will help to avoid the involvement of intermediaries in a number of financial transactions.