Digital currencies issued by any central banks should fulfill its mandate on monetary and financial stability, and must also meet rigorous standards.

Stating this, the Group of Seven (G7) advanced economies said, digital economies should "support and do no harm", according to Reuters.

In December 2020, finance ministers and central bankers from the G7) advanced economies strongly supported the need to regulate digital currencies.

In the meanwhile, central banks across the world have stepped up efforts to develop their own digital currencies to speed up domestic and international payments.

G7 central banks have been working to set common standards toward issuing CBDCs as some proceed with experiments.

In March, Finance Minister Nirmala Sitharaman had said the government is going to take a calibrated position on cryptocurrency