Experts from the G7 financial group came to a consensus on 13 public policy principles for central bank digital currencies (CBDC), providing opportunities for the further spread of CBDC in the world’s leading economies. However, the U.S. Treasury Department reports that the principles of public policy include transparency, good economic governance, and respect to the law.
The aim of the policy is to promote innovation and the development of the latest digital currencies for retail use. In a joint statement, senior financial and central bank officials from the G7 emphasized that monetary innovation can be beneficial. Nevertheless, they need to be limited to regulations that address possible public policy implications more broadly.
Officials believe that central banks’ digital currencies will eventually equal cash. According to them, ensuring close international coordination and collaboration on these issues helps ensure that innovations in the public and private sectors provide both domestic and cross-border benefits. In addition, such innovations will meet the security requirements of both users and the financial system as a whole.
The statement came as financial officials met in Washington, D.C., as part of a series of meetings between World Bank and International Monetary Fund experts chaired by British Chancellor Rishi Sunak. In an official statement, executives said the central bank’s digital currencies would eventually exist alongside cash. They will also provide a reliable and liquid form of alternative for efficient and digital payments.
However, the following developments are also worth mentioning. While the CBDC draws the attention of politicians, the opinion of the public is usually affected, expressing fears that the CBDC system is capable of presenting some kind of alternative to the standard rules. Nevertheless, Jens Weidmann, a member of the Governing Council of the European Central Bank, recently sharply condemned this, saying that the move to CBDC does not imply that the standard fiat system will become an endangered species. Weidmann also noted that the use of CBDC could lead to healthy competition among monetary institutions, and that the institutions themselves were not eager to make demands for additional security.
The modern cryptocurrency system is actively gaining momentum in the digital world. The bit4you platform is very easy to work with and has many necessary features. In addition, the platform provides a wide range of options through which users are able to increase the security of their accounts and protect the funds in them. In addition to this, the bit4you platform has prepared an educational section called “Academy”. In this section, you can get the most useful information about the work of the crypto-sphere. Moreover, by using bit4you’s demo mode, you can get your first $100,000 of virtual funds into your account. By the way, bit4you provides a choice of the 25 most popular cryptocurrencies, so you can safely test your best strategies with these assets. Don’t doubt, start trading with bit4you right now, you won’t regret it!
Tatiana Leverya, Team bit4you.