International financial authorities and seven of the world’s largest economies are establishing official standards for regulating and issuing sovereign digital currencies.
The Group of Seven (G7) — an organization of finance ministers and central bank governors representing the United States, Canada, United Kingdom, Germany, France, Italy and Japan — said in a report last week that it is working with the International Monetary Fund (IMF), the World Bank and the Bank for International Settlements (BIS) to formalize the use of central bank digital currencies (CBDC) in banking systems.
According to a new report released today, by the end of 2022, the G7 countries, the IMF, the World Bank and the BIS will have completed regulatory stablecoin frameworks and research and selection of CBDC designs, technologies and experiments.
Stablecoins are digital currencies that convert to physical currencies. The IMF and the World Bank will have the technical capabilities to facilitate CBDC transactions between the countries by