Group of Seven advanced economic countries has reportedly gathered to talk about central bank digital currencies (CBDCs) in October, generating a conclusion that they cause “no harm” and satisfy strict standards. 

Specifically, Finance leaders from the G7 have reportedly sat together in Washington on Oct. 13, to jointly talk about central bank digital currencies, as well as to throw their weights behind 13 public policy principles, implementation-wise. 

The G7 – made up of Canada, France, Germany, Italy, Japan, the U.K., and the U.S – reportedly made it compulsory that whichever freshly rolled out CBDCs should cause “no harm” to the central bank’s capability, to keep financial stability in check.

“Strong international coordination and cooperation on these issues help to ensure that public and private sector innovation will deliver domestic and cross-border benefits while being safe for users and the wider financial system.” G7 finance ministers and central bankers further remarked. 

It additionally disclosed that CBDCs would reportedly work alongside and supportively of cash, and function like liquid, safe settlement assets apart from anchoring the current payment networks. 

Energy efficiency, as well as full interoperability on a cross-border basis, are reportedly two mandatory aspects of cryptocurrencies, per the statement. 

Leaders from the G7 countries have reportedly offered confirmation regarding their joint responsibility for bringing down “harmful spillovers to the international monetary and financial system” to the lowest point. 

CBDC issuance should be “grounded in long-standing public commitments to transparency, rule of law, and sound economic governance”.