Standard set of Guidelines for the Central Bank Digital Currency from the G7

According to a draft statement released on Monday, the Group of Seven industrialized countries will demand for openness and privacy protection as part of a standard set of guiding principles for central bank digital currencies.

An anticipated endorsement of the 13-point guidelines will take place during a conference of finance chiefs in Washington, DC. At a time when China is gaining the lead in the global competition to establish a CBDC, approval would be welcomed. G7 members will recognize the fast increase in the usage of digital payments, as well as how this has changed the way individuals and companies conduct financial transactions in the digital age. It was stated in the paper that suitable national regulatory and supervision structures will be established for the new payment system. There are worries that the gathering of data on private financial activities by a system like this might give the Chinese government more authority than it already has. Federal Reserve officials have indicated they are evaluating whether to issue a CBDC and that they will publish a "discussion paper" soon.

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Understanding the technology underlying cryptocurrencies

Blockchain technology could prove transformative for industries, including financial services. A primer on technology, sponsored by the Organization for Economic Co-operation and Development, was recently published. It highlights the array of opportunities and challenges that blockchain's popularity could have on the financial industry, among many other fields. A blockchain is a shared ledger of transactions between parties in a network. It can diminish the role of intermediaries in the transfer of data. The Organization for Economic Cooperation and Development (OECD) sees far-reaching potential for blockchain in the global economy. Blockchains can vary in the way they operate. One of the prime strengths of a blockchain is its immutability. Once a transaction is made to the ledger, it can not be undone. The first U.S. bitcoin futures exchange-traded fund became available in October 2021. Forty percent of fund selectors report that clients are increasingly demanding cryptocurrency

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