WorldG7 agrees on importance of "official" digital currencies and their use in...

G7 agrees on importance of “official” digital currencies and their use in payments


AA / Istanbul

G7 members agreed on the importance of digital currency and electronic payments as a future priority in financial and banking sectors around the world.

The group said in a statement released on Wednesday following a meeting on the sidelines of the fall meetings of the International Monetary Fund (IMF) in the US capital, Washington, that it had developed provisions outlining general policy. issuance of digital currencies by central banks.

The group presented a manual on monitoring digital currencies for central banks consisting of a set of principles intended to ensure the transparency of financial activities related to these currencies, and protect the privacy of its users.

And to declare that one of the most important conditions required when central banks issue digital currencies is that these currencies, their method of issuance and their transactions where they are exchanged, must submit to transparency and compliance with the law.

The manual states that the decision to issue digital currencies is a “matter of sovereignty” for each country, however this same manual “establishes a common set of principles and underlines the fundamental importance of universal values ​​such as transparency, rule of law and good economic management “.

Among the principles set out in the manual are the fight against fraud and the reduction of the risk of evading financial sanctions. The manual also reminds governments of the need to make the payment system sustainable.

According to the IMF, 110 countries are planning to implement a process of issuing digital currencies, as the Bahamas became the first country in the world to officially use digital currencies issued by its central bank.

The G7 group brings together seven industrialized countries in the world, formerly called G8, which counted Russia as a member state, before its exclusion following the annexation of Crimea at the expense of Ukraine.

The group brings together the United States, United Kingdom, Germany, Canada, Japan, France and Italy, which account for 40% of the world’s gross domestic product, and home to 10% of the world’s population.

* Translated from Arabic by Mounir Bennour

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