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G7 Nations Explore CBDCs For A Stable Global Financial System

The G7 committee, consisting of the US, the UK, Canada, Germany, Italy, France, and Japan, recently discussed the potential role of Central Bank Digital Currencies (CBDCs) in promoting stability and transparency in the global financial system during a meeting in Niigata, Japan. The committee acknowledged the benefits and risks associated with central bank-issued virtual assets and emphasized the need for a reliable and transparent payment system to support economic activities.

The G7 expressed support for the International Monetary Fund's efforts to develop a 'CBDC Handbook' that provides guidance to nations on the implementation of virtual central bank currencies. The committee also recognized the importance of addressing potential risks to the resilience, stability, and integrity of both the financial and monetary systems while harnessing the advantages of CBDCs.

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