- The G7 leaders met in Washington, DC to discuss CBDC. They also approved 13 policies.
- A request was also made that the banks’ capacity be protected by new CBDCs.
- G7 ministers and central bankers increase domestic and trans-border benefits.
G7 leaders in finance gathered in Washington on October 13 to discuss Central Bank Digital Currencies. They approved 13 principles of public policy regarding the implementation.
G7 countries include Canada, France and Germany as well as the UK, Japan, Italy, Japan, UK and the US. Besides, they requested that the newly launched CBDCs “do not harm” the bank’s capacity and maintain financial stability.
A statement was released by G7 central banksers and finance ministers.
These issues can be addressed through strong international cooperation and coordination. This will ensure that both public and private sectors innovate while ensuring safety for the financial system and users.
In addition, the leaders of the G7 countries have confirmed that they share the responsibility of minimizing “adverse spillovers to the international monetary and financial system.” But, one G7 country has yet to issue a CBDC. However, many countries, including the UK are constantly analyzing technological and economic outcomes.
Furthermore, the US is moving its feet with its CBDC’s plans, and the Federal Reserve remains very skeptical about digital dollars.
China has been ahead of the curve with its digital Yuan. China’s recent crackdown on cryptocurrency will be likely part of its grand plans for regulating central bank money flow.
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