The Group of Seven announced its CBDC design preferences and will publish a formal report this year

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2021-06-05 21:55 (UTC+8)

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The G7 reiterated its opposition to global stablecoin projects that do not meet regulatory requirements.

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The G7 reiterated its opposition to global stablecoin projects that do not meet regulatory requirements.

This article comes fromThe Block, original author: Michael McSweeney

Odaily Translator |

Summary:

This article comes from
, original author: Michael McSweeney
Odaily Translator |

secondary title

Summary:Issues raised included central bank digital currencies and stablecoins, according to the group's official communiqué issued Saturday.middle.

While reiterating concerns about unregulated stablecoins, the G7 published a set of design preferences for CBDCs.

The G7 reiterated past comments on stablecoins and opposes global stablecoin projects that do not meet “relevant legal, regulatory and supervisory requirements.”

Those comments came after a meeting of G7 finance ministers and central bankers in London on June 5

published communiqué

middle.Stablecoins and digital assets have been on the G7's radar for several years. In late 2019, the G7 published a report on stablecoins, declaring that stablecoins have both potential benefits and regulatory, legal and cybersecurity risks. Globally, stablecoins could pose monetary policy and financial stability risks, according to the G7.“These risks are systemic and warrant careful monitoring and further study,” the report said at the time, which observers generally interpreted as a reference to projects such as Diem (formerly known as Libra). Launched by social media giant Facebook, Diem was widely criticized by regulators around the world after it was first announced.

The June 5 communiqué suggested that the G7's position on the issue had not changed much over time.

The G7 states, “We reaffirm that no global stablecoin project should begin operations until relevant legal, regulatory and supervisory requirements are fully met through proper design and adherence to applicable standards. We are committed to international cooperation to ensure that Common standards, including support for international standard-setting bodies to review existing regulatory standards and highlight the importance of addressing any identified gaps. We support the ongoing work of the Financial Stability Board (FSB) in reviewing regulatory, supervisory and supervisory challenges, to implement the high-level recommendations of its global stablecoin program.”

G7 in

October 2020 Statement