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G7 finance officials endorse principles for central bank digital currencies

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WASHINGTON, Oct 13 (Reuters) – G7 finance officials on Wednesday endorsed 13 public coverage principles for central bank digital currencies, saying such currencies needs to be grounded in transparency, the rule of regulation and sound financial governance, the Treasury Department stated.

“Innovation in digital money and payments has the potential to bring significant benefits but also raises considerable public policy and regulatory issues,” Group of Seven finance ministers and central bankers stated in a joint assertion.

“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.”

Reporting by Andrea Shalal and David Lawder; Editing by Tom Hogue

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