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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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