Guidelines for Central Banks from the "G7" on Issuing Digital Currencies

Financial officials from the Group of Seven major industrialized nations have endorsed 13 public policy principles regarding digital currencies that central banks may issue, stating that such currencies must be based on transparency, rule of law, and sound economic governance. In a joint statement following their meeting in Washington on Wednesday, the finance ministers and central bank governors of the group said, "Innovation in digital money and payments can yield significant benefits, but it also raises important public policy and regulatory issues." They added, "Strong international coordination and cooperation on these issues helps ensure that innovation in both the public and private sectors provides benefits that are safe for users and the broader financial system, both locally and across borders." They emphasized that any digital currency issued by a central bank must "support and not hinder" its ability to fulfill its mandate for monetary and financial stability. Central banks worldwide are intensifying their efforts to develop digital currencies in an effort to modernize financial systems and accelerate domestic and international payments.