G7 finance leaders have been discussing central bank digital currencies (CBDCs), agreeing that they should “do no harm” and meet strict standards.

As many as 13 public policy principles in regard to their implementation were approved by the G7 nations - Canada, France, Germany, Italy, Japan, the UK, and the U.S. – who issued a joint statement saying: “Strong international coordination and cooperation on these issues helps to ensure that public and private sector innovation will deliver domestic and cross-border benefits while being safe for users and the wider financial system.”

It went on to say that CBDCs would complement cash, and digital currencies need to be energy efficient and fully interoperable on a cross-border basis, Cointelegraph reports. 

Furthermore, the G7 leaders affirmed they were all required to ensure there was minimal “harmful spillovers to the international monetary and financial system.” 

CBDC issuance should be “grounded in long-standing public commitments to transparency, rule of law, and sound economic governance,” the statement added.  

In a similar statement made by the G20 nations, they said no global stablecoin project should begin until all legal, regulatory, and oversight requirements have been addressed.  

Last month it was reported that the Bank of England is accelerating CBDC research, working alongside numerous banking and fintech experts. Big names such as Google, Mastercard and Spotify belong to its CBDC Engagement and Technology Forum: “The Forum will help the bank to understand the technological challenges of designing, implementing and operating a CBDC,” the central bank said at the time. 

The Engagement Forum includes “senior stakeholders from industry, civil society, and academia,” that will assist the bank and Treasury to “understand the practical challenges of designing, implementing and operating a CBDC.”