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27 October 2020

IMF, World Bank, G7 Countries to Create Central Bank Digital Currency Rules - CoinDesk

IMF, World Bank, G7 Countries to Create Central Bank Digital Currency Rules - CoinDesk


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The Group of Seven (G7) — an organization of finance ministers and central bank governors representing the United States, Canada, United Kingdom, Germany, France, Italy and Japan — said in areport that it is working with the International Monetary Fund (IMF), the World Bank and the Bank for International Settlements (BIS) to formalize the use of central bank digital currencies (CBDC) in banking systems.

The IMF and the World Bank will have the technical capabilities to facilitate CBDC transactions between the countries by the end of 2025, the report said.

The countries will “examine the scope for new multilateral platforms, global stablecoin arrangements and central bank digital currencies to address the challenges that cross-border payments face without compromising on minimum supervisory and regulatory standards to control risks to monetary and financial stability,” the G7 Financial Stability Board (FSB), a body formed after the 2008 financial crisis, said.

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