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G7 finance ministers have agreed on 13 public policy principles for central bank digital currencies (CBDCs), potentially paving the way for greater CBDC adoption across the world’s leading economies.

According to a statement from the United States Treasury Department, the public policy principles will be based on transparency, sound economic governance, and respect for the rule of law in order to foster innovation and the development of new digital currencies for retail purposes.

In a joint statement, senior finance and central bank officials from across the G7 said that while money innovation can bring benefits, it must be tempered by regulation to deal with the potential wider public policy fallout.

  • “Strong international coordination and cooperation on these issues helps 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.”

The remarks follow a face-to-face meeting of finance officials in Washington, part of a series of discussions between the World Bank and the International Monetary Fund, led by UK chancellor Rishi Sunak.

The officials claimed in their statement that central bank digital currencies would eventually stand alongside cash, providing a safe, liquid alternative for digitally and rapidly settling payments.

The news comes as central banks around the world accelerate their efforts to introduce central bank digital currencies.

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