Kevin Helms
A student of Austrian economics, Kevin found Bitcoin in 2011 and has been an evangelist ever since. His interests lie in Bitcoin security, open source systems, network effects and the intersection of economics and cryptography.
G7 to discuss more crypto regulation and how to help developing countries introduce central bank digital currencies – Regulation Bitcoin News
The G7 countries are discussing more crypto regulation and ways to help developing countries introduce central bank digital currencies (CBDCs). “As a priority for this year, the G7 will consider how best to help developing countries introduce CBDC in accordance with appropriate standards, including the G7 Principle on Public Policy for Retail CBDC,” said Japan’s Vice Minister of Finance for International Affairs.
G7 to discuss stronger crypto regulation
The G7 countries will discuss tighter cryptocurrency regulation, as well as explore ways to help developing countries introduce central bank digital currencies (CBDCs) to ensure compliance with international standards, Reuters reported, citing Japan’s Vice Finance Minister for International Affairs, Masato Kanda.
The Group of Seven (G7) consists of Canada, France, Germany, Italy, Japan, the United Kingdom and the United States. The European Union (EU) also participates in G7 meetings. Japan holds the presidency of the G7 this year.
Kanda explained at a seminar in Washington on Tuesday that the crypto and CBDC discussions will be part of G7 efforts to address the challenges facing global society from fast-moving digital technology. He emphasized that the collapse of the crypto exchange FTX last year “was a serious wake-up call” for policymakers to create regulation across borders, elaborating:
For crypto-assets, there are slightly divergent views between countries. But the consensus is definitely that we need more regulation, especially after the FTX shock.
The Deputy Finance Minister noted that while the rapid innovation of digital technology has benefits, it has also brought new challenges, including cyber security, the spread of misinformation, social and political divides and the risk of destabilizing financial markets.
G7 seeks to help developing countries launch CBDCs
On the topic of central bank digital currencies, the Japanese official shared: “As a priority this year, the G7 will consider how best to help developing countries introduce CBDC in accordance with appropriate standards, including the G7 Principle for Public Policy on Retail CBDC.” The Deputy Finance Minister emphasized:
We must manage risks from the development of CBDC by ensuring factors such as appropriate transparency and sound governance.
Different countries are at different stages of CBDC development. The United States, for example, has not decided whether to launch a digital dollar. Federal Reserve Chairman Jerome Powell recently said that the Fed’s CBDC is in the early stages of experimentation.
What do you think about the G7 wanting more crypto regulation and planning to help developing countries implement central bank digital currencies (CBDCs)? Let us know in the comments section below.
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