International financial authorities and 20 of the world's largest economies are establishing official standards for regulating and issuing sovereign digital currencies.
The Group of Twenty (G20) an organization of finance ministers and central bank governors representing the European Union and 19 countries across every continent said in a report today that it is working 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 (CBDC) in banking systems.
According to the report, by the end of 2022, the G20 members, the IMF, the World Bank and the BIS will have completed regulatory stablecoin frameworks and research and selection of CBDC designs, technologies and experiments.
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