IMF and G20 countries will formulate uniform rules for the use of digital currency in the banking system
The G20 finance ministers and central bank governors, together with the International Monetary Fund, the World Bank and the Bank for International Settlements, have begun to develop rules for the control and circulation of central bank digital currencies.
Participants plan to complete the development of uniform international standards for the use of CBDC by the end of 2022. In parallel, monetary organizations and institutions will experiment with various technologies and regulatory mechanisms, multilateral platforms for global coordination.
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The Financial Stability Board’s announcement also said that by 2026, the IMF and the World Bank will receive technical resources to facilitate cross-border transactions with national digital assets.
The G20 countries expect that the introduction of CBDC into banking practice will increase the quality and flexibility of payment services, the level of data protection, as well as reduce the risks associated with volatility, and will facilitate diversified cooperation at the international level.
Perhaps the stimulus to launch the formalization process was the words of the Chairman of the Financial Stability Council, Randal Quarles, who in February expressed concern about the pace of development of digital currencies and their strong impact on the global economy.