The seven banks, including the Bank of Canada, released a report calling for digital money that doesn’t replace cash or harm financial stability, and said they’d continue investigating whether or not to issue such currencies. (The Logic)

Talking point: The group of seven also includes the U.S., England, Japan, Switzerland, Sweden, and the European Central Bank. The Bank for International Settlements also contributed to the report. China, which is piloting its own digital coin, was not invited. This is partially about geopolitical tensions. A September article in the government-run magazine China Finance called for a digital yuan to reduce Beijing’s dependence on the U.S. dollar. This week, Kenji Okamura, Japan’s top financial diplomat, said China getting its currency out first is “something we should be afraid of.” Japan announced today it would start experimenting with a digital currency in 2021. Meanwhile, the Bank of Canada is still in the research phase, issuing a report this month outlining a number of security risks to a potential coin.