The G7 finance ministers and central bank governors have met and agreed to work towards common principles for state-backed digital currencies and publish their conclusions this year. They said these digital currencies “could act as both a liquid, safe settlement asset and as an anchor for the payments system.”
G7 Setting Common Rules for Central Bank Digital Currencies
The G7 finance ministers met in London on June 4-5, the first face-to-face meeting of finance chiefs since the G20 finance leaders met in Saudi Arabia in February last year. The meeting followed the one held virtually on May 28 where the G7 finance ministers and central bank governors attended. The G7 comprises the U.S., U.K., Japan, Germany, France, Italy, and Canada.
Among the topics they discussed was central bank digital currencies (CBDCs), according to the G7 Finance Ministers and Central Bank Governors Communiqué published Saturday.
“Innovation in digital money and payments has the potential to bring significant benefits but also