G20 finance ministers and central bank governors, together with the International Monetary Funds, the World Bank and the Bank for International Settlements, have begun to develop control rules and rules for the circulation of digital central banks.
Participants plan to complete a package of uniform international standards using CBDC by the end of 2022. In parallel, monetary organizations and institutions will experiment with various technologies and regulatory mechanisms, multilateral platforms for the global regulatory system.
The announcement of the Financial Stability Board also says that by 2026 the IMF and the World Bank will receive technical resources to facilitate cross-border transactions with national digital currencies..
G20 countries expect the implementation of CBDC in banking support for payment services, data layer, and will also reduce risks associated with volatility, and there will be diversified cooperation at the international level.
Christine Lagarde: ‘Central Bank digital currency is coming alive’
Possibly an incentive to launch the formulation process of the Chairman of the Financial Stability Board, Randal Quarles, who expressed concern the pace of development of digital currencies and their strong region to the global economy.
IMF and G20 countries will formulate uniform rules for the use of digital currency in the banking .
text: Ivan Malichenko, photo: iStock