G-7 says that stablecoins must follow rules of other countries’ currencies. Source: John McArthur, Unsplash.
With the advancement of studies on digital currencies of central banks (CBDCs), the G-7, the group of the largest economies in the world, released on Wednesday (13) the 13 principles that should guide these projects, including outside the group. In addition, he criticized global stablecoins – which is a reference to projects like Facebook’s Diem.
According to the group, no global stablecoin should go into operation without meeting legal, regulatory, design and standards requirements. “A stablecoin used widely as a store of value or means of payment would pose significant risks to financial stability without proper regulation,” the group’s statement said. Therefore, you must follow the same prerequisites for any currency or forms of payment.
Regarding the principles for CBDCs, they include transparency, respect for the law and strong economic governance. Also on the list is the inclusion of digital currencies, such as the digital real under study by the Central Bank of Brazil (BC). should guarantee. As well as interoperability between systems for international transactions.
Furthermore, they must not undermine the ability of central banks to exercise their monetary and financial stability mandates. Another point is to ensure privacy, data usage protection and against cyber attacks.