According to a report recently released by the G20, the 20 countries with the world's largest economies are working together with the International Monetary Fund (IMF), the World Bank and the Bank for International Settlements (BIS) to formalize the use of central bank digital currencies (CBDCs) in banking systems.
According to the document, the institutions plan that by the end of 2022 the regulatory framework to regulate stablecoins will be ready, as well as the research and selection of designs, technologies and experiments of CBDCs.
In addition, the report assures the IMF and the World Bank will have the necessary technical capacity to offer transactions with CBDCs between countries by the end of 2025.
The G20’s Financial Stability Board (FSB) has said that countries will "examine the scope for new multilateral platforms, global stablecoin arrangements and central bank digital currencies to address the challenges that cross-border payments face without compromising on minimum supervisory and regulatory standards to control risks to monetary and financial stability."
The publication of this report comes shortly after the US Federal Reserve, the Bank of Canada, the European Central Bank (ECB), the Bank of England (BOE), the Swiss National Bank, the Sveriges Riksbank of Sweden and the Bank of Japan (BOJ) released a draft last week in which they discuss the properties central banks would require from CBDCs in their countries.
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