BIS and a number of central banks have jointly developed recommendations on the issue of national digital currencies.

The Group of seven central banks and the Bank for International Settlements (BIS) have jointly issued a report in which they noted „the fundamental principles required for the issuance of digital currencies (CBDC) to assist central banks in achieving government policy objectives“. This was reported by Cointelgraph.

The report, entitled Digital Central Bank Currencies: Fundamental Principles and Bitcoin Evolution  Key Features, lists three fundamental principles that issuers must comply with when issuing digital central bank currencies.

„When issuing CBDC, central banks must not endanger monetary or financial stability. The CBDC will have to coexist with and complement fiat currencies and promote innovation and efficiency“. – as stated in the report.

The document explains that the components of a reliable CBDC include convertibility, convenience, security, speed, scalability and legal security.

The Bank of England, US Federal Reserve and Bank of Japan are among the governing bodies involved in the development of the document. However, it was clear from the BIS statement that the parties involved did not include any views on the launch of such a currency in the report, nor did they indicate any firm plans to release the CBDC.