G7 will prod developing nations to introduce CBDC standards
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April 12 Reuters Group of Seven G7 advanced economies will consider how best to help developing countries introduce central bank digital currencies CBDC consistent with appropriate international standards, Japan39;s top currency diplomat Masato Kanda said on Tuesday.

The move will be among key themes of G7 discussions that Japan chairs this year, as part of efforts to address challenges the global community face from fastmoving digital technology, he said.

We have to address risks from the development of CBDC by ensuring factors such as appropriate transparency and sound governance, Kanda, vice finance minister for international affairs, told a seminar in Washington.

As a priority of this year, the G7 will consider how best to help developing countries introduce CBDC consistent with appropriate standards, including the G7 public policy principle for retail CBDC, he said.

Outside the G7, China has been leading the pack on issuing a digital currency. G7 central banks have set common standards toward issuing CBDCs as some proceed with experiments.

Kanda said the rapid innovation of digital technology provides various benefits but also fresh challenges such as cybersecurity, the spread of misinformation, social and political divides, and…