The G7 group will start its next meeting on February 12. Topic: digital currencies of central banks. It is known that politicians and officials are also to discuss issues such as taxation and the global debt problem.
The G7 will discuss CBDC
Japanese Finance Minister Taro Aso revealed that G7 leaders will discuss the topic of central bank digital currencies. They are expected to do so during a meeting to be held on February 12 exactly.
The UK will chair this part of the summit. Representatives of the world’s largest economies will also talk about exit strategies from the global economic crisis caused by the coronavirus pandemic. In addition, the topic of taxing digital assets and global debt will come up.
The G7 countries deal with digital currencies
As reported back in December by the US Treasury Department, G7 finance ministers and central bank governors – namely the United States, Canada, France, Germany, Italy, Japan and the UK – expressed their strong support for the need to regulate the cryptocurrency market and other digital assets . Initial decisions on this matter were made during the 12th G7 summit.
As reported in the news, politicians “They also discussed the current responses to the changing landscape of crypto and other digital assets, and the work of national authorities to prevent their misuse for malicious purposes and illegal activities. There is strong support in the G7 for the need to regulate digital currencies. “
It turns out, however, that politicians are primarily interested in digital currencies linked to physical assets and fiat currencies – stablecoins.
The big seven
The G7, or the seven largest economies in the world, is an intergovernmental organization made up of the United States, Canada, France, Germany, Italy, Japan and the United Kingdom.
The G7 has recently pushed for priority to be given to digital currency regulation. At a meeting last month, the organization also reiterated its October statement calling for robust legislation to regulate the digital payments industry. It also notes that CBDC can generate significant efficiency savings and “reduce friction in the payment sectors” of G7 Member States.
The G7 meeting takes place as China makes significant progress in implementing its Blockchain Service Network (BSN). In turn, consulting firm Ernst & Young announced that it will roll out two blockchain-based products at BSN last week. BSN is the first blockchain network to be created and maintained by the central government of China.