The finance ministers and the heads of the Central Banks of the G7 countries (G7) held a summit in Washington. Among the topics discussed, the issue of government cryptocurrencies was raised.
During the meeting, financial leaders of countries with developed economies formed 13 fundamental principles for the development and implementation of state cryptocurrencies. The main principle when creating a CBDC, according to the participants of the summit, should be the principle “do no harm to economic stability”.
“Close international cooperation is needed on this issue to ensure that financial innovation in the public and private sectors will bring benefits both domestically and internationally. They must be safe for users and the financial system as a whole, ”the G7 statement underlines.
The formed principles will subsequently be embodied in a guide to the creation of national digital currencies that can replace cash and act as a liquid and reliable means of payment and settlement. Only such digital currencies can be used for international payments. But at the same time, CBDCs must comply with clear standards:
“Any government cryptocurrency must be based on government commitments to transparency, legality and rationality.”
Recently, Bits.Media released a large-scale article on how the massive release of digital currencies by the Central Bank will affect the cryptocurrency market.
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