The G7 council, which consists of the United Kingdom, Canada, France, Germany, Italy, Japan and the United States, is preparing to take an important step towards the issuance of a central bank digital currency (CBDC).
G7 countries that have not yet issued their own CBDC are reportedly preparing to issue some guidelines on CBDCs, The Japan Times reported.
It was stated that the report, which is known to be in the draft stage and is a guide for the launch of digital currencies, includes 13 topics focusing on transparency and privacy.
Drawing attention to the recent increase in the popularity of digital payments and cryptocurrencies, the report included concerns about privacy regarding the digital yuan that the Chinese government is preparing to issue.
Emphasizing in the report that the most important feature that a CBDC should have is transparency;
A common set of principles should be established. The fundamental importance of shared values such as transparency, the rule of law and sound economic governance should be taken into account. This report can guide and inform the research of CBDCs in the G7 and beyond.
It is among the information that the report in question can be approved at the finance heads meeting to be held in Washington on Wednesday.
Although the G7 countries, especially the USA, are far behind the point China has reached in terms of CBDCs, the fact that the CBDC issue is discussed by the world’s largest economies shows how important the crypto industry has come.
This environment, in which the majority of the world’s financial power G7 countries are preparing to adopt common regulatory clauses on CBDCs, can also assist in setting a common labor standard for many countries conducting CBDC work.