G7 countries are discussing ways to regulate more for cryptocurrencies and help developing countries introduce central bank digital currencies (CBDCs).
G7 to discuss stronger regulations for cryptocurrencies
The meeting will focus on further crypto regulation and how to help developing countries promote central bank digital currencies. “As a priority for this year, the G7 will consider how best to help developing countries promote CBDC consistent with appropriate standards, including the G7 public policy principle for individual CBDC,” said Japan’s Deputy Finance Minister for International Affairs.
G7 countries will discuss tighter cryptocurrency regulation and help developing countries introduce central bank digital currencies (CBDCs) to ensure consistency with international standards, Reuters reported, citing Japan’s Deputy Finance Minister for International Affairs, Masato Kanda. will look for ways. The G7 consists of Canada, France, Germany, Italy, Japan, the United Kingdom and the United States. The European Union (EU) also participates in the G7 meetings. Meanwhile, Japan is holding the G7 Presidency this year.
There are different opinions on cryptocurrencies, but…
Kanda explained at a seminar in Washington on Tuesday that the crypto and CBDC discussions will be part of the G7’s efforts to address the challenges the global community faces due to rapidly evolving digital technology. He stressed that the collapse of crypto exchange FTX last year was a “serious wake-up call” for policymakers to create cross-border regulation.
There are slightly different views between countries for cryptocurrencies. But there is definitely consensus that we need more regulation, especially after the FTX shock.
The Deputy Finance Minister noted that while the rapid innovation of digital technology has its benefits, cybersecurity brings new challenges, including the spread of misinformation, social and political divisions, and the risk of destabilizing financial markets.
G7 will assist developing countries with CBDCs
“As a priority this year, the G7 will consider how best to help developing countries introduce CBDC consistent with appropriate standards, including the G7 public policy principle for retail CBDC,” the Japanese official on central bank digital currencies explained. The Deputy Minister of Finance emphasized that:
We must address the risks posed by the development of the CBDC by ensuring factors such as appropriate transparency and sound governance.
Different countries are at different stages of CBDC development. The US, for example, has yet to decide whether to launch a digital dollar. cryptocoin.comFederal Reserve Chairman Jerome Powell recently said that the Fed’s CBDC is in the early stages of testing.
Contact us to be instantly informed about the last minute developments. twitter‘in, Facebookin and InstagramFollow and Telegram And YouTube join our channel!
Risk Disclosure: The articles and articles on Kriptokoin.com do not constitute investment advice. Bitcoin and cryptocurrencies are high-risk assets, and you should do your due diligence and do your own research before investing in these currencies. You can lose some or all of your money by investing in Bitcoin and cryptocurrencies. Remember that your transfers and transactions are at your own risk and any losses that may occur are your responsibility. Cryptokoin.com does not recommend buying or selling any cryptocurrencies or digital assets, nor is Kriptokoin.com an investment advisor. For this reason, Kriptokoin.com and the authors of the articles on the site cannot be held responsible for your investment decisions. Readers should do their own research before taking any action regarding the company, assets or services in this article.
Disclaimer: Advertisements on Kriptokoin.com are carried out through third-party advertising channels. In addition, Kriptokoin.com also includes sponsored articles and press releases on its site. For this reason, advertising links directed from Kriptokoin.com are on the site completely independent of Kriptokoin.com’s approval, and visits and pop-ups directed by advertising links are the responsibility of the user. The advertisements on Kriptokoin.com and the pages directed by the links in the sponsored articles do not bind Kriptokoin.com in any way.
Warning: Citing the news content of Kriptokoin.com and quoting by giving a link is subject to the permission of Kriptokoin.com. No content on the site can be copied, reproduced or published on any platform without permission. Legal action will be taken against those who use the code, design, text, graphics and all other content of Kriptokoin.com in violation of intellectual property law and relevant legislation.