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G7 will formulate guidelines for the People’s Bank of China’s digital currency

October 14, 2021
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On October 11 news, a draft document published on Monday showed that the Group of Seven (G7) plans to call for transparency and privacy protection as part of a set of common guiding principles for the People’s Bank of China digital currency (CBDC).

The 13 rules are expected to be approved at a meeting of finance ministers in Washington on Wednesday. A document obtained by Japan’s Kyodo News stated that the issuance of such currencies is a “sovereign issue”, but at the same time it stated that “the fundamental importance of common values such as transparency, the rule of law, and sound economic governance is emphasized by formulating a set of common principles. These principles can guide the exploration of retail CBDC by the Group of Seven and beyond.”

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