Central Banks Map Out Digital Currency Requirements

Law360, London (October 9, 2020, 5:21 PM BST) -- A group of major central banks on Friday outlined the main features and basic principles surrounding digital currencies that may be issued by monetary authorities in the future, as financial transactions become more digitally aligned.

The principles emphasize that before a country proceeds with a central bank digital currency, or CBDC, authorities would need to ensure that the CBDC can coexist alongside existing forms of cash.

Issuing the digital currency must also not compromise financial stability, said the report, which was compiled by the Bank of International Settlements and seven central banks, including the European Central Bank, Bank of England and...

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