The G7 council consisting of seven industrialized nations is set to issue guiding principles for issuance of Central Bank Digital Currencies (CBDC). The G7 council comprises Britain, Canada, France, Germany, Italy, Japan, and the United States, however, none of the G7 members have yet issued a CBDC.
The draft guidelines reportedly consist of 13 points with the main focus on transparency and privacy. The draft rules could be endorsed during an upcoming meeting of financial chiefs on Wednesday in Washington.
The draft guidelines acknowledge the growth of digital payments over the past couple of years and the rising popularity of cryptocurrencies in general. The draft also talks about the need to focus on user privacy and security amid concerns about Chinese CBDC being a surveillance tool. The draft guidelines said even though issuance is a sovereign decision of a country, the CBDC must,
“Set out a common set of principles, and underscoring the fundamental importance of shared values su
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