us

216.73.216.2

CBDC Rules to Be Introduced by IMF, World Bank, and G20 Countries

CBDC rules

The international financial authorities have teamed up with the Group of Twenty (G20) to create Central Bank Digital Currency Rules to standardize the regulations and issuance of sovereign digital currencies. 

The Bank of International Settlements (BIS), World Bank, and the IMF is working with the European Union and 19 other states from all continents for formalizing the CBDC use in banks,  according to the reports. 

The report further states that the G20 members, the World Bank, BIS, and the IMF will complete the regulatory frameworks for stablecoins by the end of 2022. Stablecoins are the digital currencies associated with physical money, usually US dollars. Research design, experiments, and technologies for CBDC will also be complete. 

Unlike Bitcoins, central banks of the countries will hold access to the transactions and origin to prevent financial crimes. Cryptocurrencies run on a blockchain that conceals the transaction details, whereas the aim of introducing digital currency is to ease the use and encourage cashless movement. Governments will hold all authorities to trace the transactions. 

CBDCs can enhance cross-border payments and transferring funds during the pandemic can be more convenient. According to the report, the CBDC system must also link to financial technologies, settle high transaction volumes instantly, prevent cybercrimes, and also comply with the regulations.

Related Posts

News

Malaysia to push mandatory ID checks on social media to curb online scams

Malaysia to push mandatory ID checks on social media to curb online scams

Explore More

News

Michigan Lawmakers propose that Age Verification be mandatory to access pornography

Michigan Lawmakers propose that Age Verification be mandatory to access pornography

Explore More

News

Brazil enacts new law to regulate children’s use of social media and digital platforms

Brazil enacts new law to regulate children’s use of social media and digital platforms

Explore More

News

ChatGPT to introduce age checks after the UK’s teen death sparks lawsuits

ChatGPT to introduce age checks after the UK’s teen death sparks lawsuits

Explore More

News

Australia’s Under-16 Social Media Ban allows a margin of error in age verification

Australia’s Under-16 Social Media Ban allows a margin of error in age verification

Explore More

News

New York outlines age checks and parental consent for minors under the SAFE for Kids Act

New York outlines age checks and parental consent for minors under the SAFE for Kids Act

Explore More

News

Wolfsberg Group Urges Financial Institutions to Adopt AI for Monitoring Suspicious Activities

Wolfsberg Group Urges Financial Institutions to Adopt AI for Monitoring Suspicious Activities

Explore More

News

Malaysia to push mandatory ID checks on social media to curb online scams

Malaysia to push mandatory ID checks on social media to curb online scams

Explore More

News

Michigan Lawmakers propose that Age Verification be mandatory to access pornography

Michigan Lawmakers propose that Age Verification be mandatory to access pornography

Explore More

News

Brazil enacts new law to regulate children’s use of social media and digital platforms

Brazil enacts new law to regulate children’s use of social media and digital platforms

Explore More

News

ChatGPT to introduce age checks after the UK’s teen death sparks lawsuits

ChatGPT to introduce age checks after the UK’s teen death sparks lawsuits

Explore More

News

Australia’s Under-16 Social Media Ban allows a margin of error in age verification

Australia’s Under-16 Social Media Ban allows a margin of error in age verification

Explore More

News

New York outlines age checks and parental consent for minors under the SAFE for Kids Act

New York outlines age checks and parental consent for minors under the SAFE for Kids Act

Explore More

News

Wolfsberg Group Urges Financial Institutions to Adopt AI for Monitoring Suspicious Activities

Wolfsberg Group Urges Financial Institutions to Adopt AI for Monitoring Suspicious Activities

Explore More

Take the next steps to better security.

Contact us

Get in touch with our experts. We'll help you find the perfect solution for your compliance and security needs.

Contact us

Request demo

Get free access to our platform and try our products today.

Get started