IMF and G20 countries will formulate uniform rules for the use of digital currency in the banking system

Finance Ministers and Central Governorsof the G20 banks, together with the International Monetary Fund, the World Bank and the Bank for International Settlements, have begun to develop control rules and rules for the circulation of digital currencies of central banks.

Participants plan to complete the development of uniform international standards for the use of CBDCs by the end of 2022.In parallel, monetary organizations and institutions will experiment with various technologies and regulatory mechanisms, multilateral platforms for the globalcoordination.

The announcement by the Financial Stability Board also said that by 2026, the IMF and the World Bank will receivetechnical resources to facilitate cross-border transactions with national digital currencies. 

G20 countries expect CBDC implementation inbanking practices will improve the quality and flexibility of payment services, the level of data protection, as well as reduce risks associated with volatility, and will facilitate diversified cooperation at the international level.

Perhaps an incentive to start the processFormalization was prompted by the words of the Chairman of the Financial Stability Board, Randal Quarles, who in February expressed concern about the pace of development of digital currencies and their strong impact on the global economy.

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