G7 finance officials endorse principles for central bank digital currencies

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A representation of the virtual cryptocurrency bitcoin is seen in this illustration taken on June 14, 2021. REUTERS/Edgar Su/Illustration
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WASHINGTON (Businesshala) – G7 finance officials on Wednesday endorsed 13 public policy principles for central bank digital currencies, saying such currencies should be based on transparency, the rule of law and sound economic governance, the Treasury Department said.

“Innovation in digital money and payments has the potential to bring significant benefits, but it also raises public policy and regulatory issues,” the Group of Seven finance ministers and central bankers said in a joint statement.

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“Strong international coordination and collaboration on these issues helps ensure that innovations from the public and private sectors will deliver domestic and cross-border benefits while remaining safe for users and the wider financial system.”

Reporting by Andrea Schallal and David Lauder; Editing by Tom Hogg

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