Financial Officials of the G7 countries are in agreement on 13 public policy principles. Particularly, for central bank digital currencies (CBDCs). Notably, this could be a good move for bigger adoption of CBDCs across the world’s leading economies.
Furthermore, U.S. Treasury Department releases a statement, saying the public policy principles will be transparent. Then, also have sound economic governance, and respect for the rule of law.
Additionally, Policies are to strengthen innovation and development for retail purposes.
More so, the senior finance and central bank officials from across the G7 says that innovation in money can bring benefits.
But still, notes they must be checkmated by regulation to deal with any public policy fallout.
“Innovation in digital money and payments has the potential to…”
“bring significant benefits but also raises considerable…”
“public policy and regulatory issues,”
More so, the Officials says the central bank digital currencies will definitely stand alongside cash.
“Strong international coordination and cooperation on these issues help…”
“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,”
Then, the officials mentions in the joint statement.
Lastly, These comments from the officials are coming on the heels of a meeting of finance officials in person in Washington. Also, this is part of a series of meetings. Which brings together the World Bank and the International Monetary Fund under the U.K’s chancellor Rishi Sunak.
Conclusively, the officials says the central bank will provide safe. Of course, and liquid alternative for settling payments digitally and efficiently.
