G7 nations endorse digital-currency principles

Finance ministers and central bank governors from the Group of Seven nations have endorsed policy principles for digital currencies issued by central banks. The officials want to ensure that such currencies do not threaten the stability of the financial system.

Their joint statement released Wednesday says the digital money would complement cash and act as an anchor for the payments system.

The principles include setting rigorous privacy standards and defining responsibility for the protection of user data.

One item covers the implementation of cyber-security measures to make the system safer. Another underscores co-existence with conventional payment systems, such as cash and private digital money.

The G7 officials are apparently trying to take a leading position by showing unity and creating rules. China is preparing to issue the digital yuan, ahead of other major economies.

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