{"id":12226,"date":"2021-10-14T07:42:14","date_gmt":"2021-10-14T06:42:14","guid":{"rendered":"https:\/\/coinscreed.com\/staging\/?p=12226"},"modified":"2021-10-14T07:42:24","modified_gmt":"2021-10-14T06:42:24","slug":"g7-leaders-establish-digital-currency-guidelines-for-central-banks","status":"publish","type":"post","link":"https:\/\/coinscreed.com\/staging\/g7-leaders-establish-digital-currency-guidelines-for-central-banks\/","title":{"rendered":"G7 leaders establish digital currency guidelines for central banks"},"content":{"rendered":"\n
This week, the Group of Seven (G7) advanced economies discussed central bank<\/a> digital currencies (CBDCs), deciding that they should “do no harm” and adhere to strict guidelines.<\/h5>\n\n\n\n
\"G7<\/figure>\n\n\n\n

On Oct. 13, G7 finance officials\r\n \r\n \r\n \r\n <\/g>\r\n \r\n \r\n \r\n <\/clipPath>\r\n <\/defs><\/svg><\/span><\/a> gathered in Washington to discuss central bank digital currencies and adopted 13 public policy guidelines for their deployment.<\/p>\n\n\n\n

The G7 countries, which include Canada, France, Germany<\/a>, Italy, Japan, the United Kingdom, and the United States, agreed that any new CBDCs should “do no harm” to the central bank's capacity to preserve financial stability. G7 finance ministers and central bankers issued a joint statement saying:<\/p>\n\n\n\n

\u201cStrong international coordination and cooperation on these issues helps to ensure that public and private sector innovation will deliver domestic and cross-border benefits while being safe for users and the wider financial system.\u201d<\/p><\/blockquote>\n\n\n\n

CBDCs would be a supplement to cash, acting as liquid, secure settlement assets as well as anchoring existing payment systems, according to the report. The statement goes on to say that digital currencies must be energy efficient and completely cross-border interoperable.<\/p>\n\n\n\n

G7 leaders agreed that they share responsibility for minimising “harmful spillovers to the international monetary and financial system.”<\/p>\n\n\n\n

The statement went on to say that CBDC issuing should be “grounded in long-standing public commitments to transparency, rule of law, and sound economic governance.” <\/p>\n\n\n\n

Although no G7 country has issued a CBDC, numerous countries, like the United Kingdom, are actively exploring the technology and economic implications.<\/p>\n\n\n\n

They underlined that no global stablecoin<\/a> initiative should commence operations unless it fulfils legal, regulatory, and supervision concerns, echoing a similar remark made by the broader G20. <\/p>\n\n\n\n

The remarks might be in response to Facebook's upcoming Diem cryptocurrency, which has prompted concerns among financial executives and central bankers.<\/p>\n\n\n\n

The US has been dragging its feet on CBDC<\/a> plans, and the Federal Reserve is still wary about digital currencies. According to a September article by Cointelegraph, America risks falling behind technologically and monetarily if it does not begin seriously exploring its own CBDC.<\/p>\n\n\n\n

With its digital yuan, China<\/a> is already a step ahead of the pack, and its current assault on cryptocurrency is likely part of the country's broader intentions to promote and regulate central bank monetary flows.<\/p>\n","protected":false},"excerpt":{"rendered":"

This week, the Group of Seven (G7) advanced economies discussed central bank digital currencies (CBDCs), deciding that they should “do no harm” and adhere to strict guidelines. On Oct. 13, G7 finance officials gathered in Washington to discuss central bank digital currencies and adopted 13 public policy guidelines for their deployment. The G7 countries, which […]<\/p>\n","protected":false},"author":13,"featured_media":12227,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[4161,21],"tags":[321,774,322,717,926],"class_list":["post-12226","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-cbdc","category-news","tag-banks","tag-cbdcs","tag-china","tag-digital-currency","tag-stablecoins"],"jetpack_featured_media_url":"https:\/\/coinscreed.com\/staging\/wp-content\/uploads\/2021\/10\/image-65.png","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/12226","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/users\/13"}],"replies":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/comments?post=12226"}],"version-history":[{"count":0,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/12226\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media\/12227"}],"wp:attachment":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media?parent=12226"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/categories?post=12226"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/tags?post=12226"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}