A group of seven central banks and the Bank for International Settlements (BIS) jointly released a report in whichnoted “the fundamental principles needed to issue digital currencies (CBDCs) to help central banks achieve public policy objectives.” This is reported by Cointelgraph.
A report titled Digital CurrenciesCentral Banks: Fundamental Principles and Key Features ”lists three fundamental principles that issuers must adhere to when issuing central bank digital currencies.
“When issuing CBDCs, central banks should not putthreatening monetary or financial stability. CBDC will need to coexist with and complement fiat currencies and foster innovation and efficiency. ” - indicated in the report.
The document explains that the components of reliable CBDCs include convertibility, convenience, security, speed, scalability, legal reliability.
Bank of England, US Federal Reserve and Bank of Japan are amonggoverning bodies involved in the development of the document. However, it became clear from the BIS statement that the parties involved did not include opinions on the launch of such a currency in the report and did not indicate any firm plans for the release of CBDC.
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