Group of Seven advanced economies said on Wednesday that any digital currency issued by a central bank must"support and do no harm" to the bank's ability to fulfill its mandate on monetary and financial stability, and must also meet rigorous standards.
But the currencies must be issued in a way that do not infringe upon the central banks' mandates, and meet rigorous standards of privacy, transparency and accountability for protection of user data, they said. While CBDCs could enhance cross-border payments, the G7 nations said they have a"shared responsibility to minimize harmful spillovers to the international monetary and financial system."
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