Financial officials of the Group of Seven major industrialized nations have endorsed 13 public policy principles regarding digital currencies that central banks can issue, saying that such currencies should be based on transparency, rule of law and sound economic governance.
"Innovation in digital money and payments can bring significant benefits, but it also raises significant policy and regulatory issues," the group's finance ministers and central bank governors said in a joint statement after their meeting in Washington on Wednesday.
"Strong international coordination and cooperation on these issues helps ensure that innovation in the public and private sectors will bring benefits locally, and across borders, while being safe for users and the broader financial system," they added.
Ministers and governors stressed that any digital currency issued by a central bank must “support rather than harm” its ability to fulfill its mandate of monetary and financial stability.
Global central banks are intensifying their efforts to develop their digital currencies in order to modernize financial systems and accelerate domestic and international payments.