G-7 Ministers Discuss Crypto Regulation, CBDCs at Japan Meeting

•The Group of Seven (G-7) discussed their commitment to regulating crypto-assets and exploring central bank digital currencies during a meeting in Japan.
•The G-7 called for regulation, monitoring and oversight of crypto, while supporting innovation.
•They also said CBDCs could have a “substantial role” in a reliable global payment system.

G-7 Discusses Crypto Regulation & CBDCs

Finance ministers representing some of the world’s seven most influential economies discussed their commitment to regulating crypto-assets and exploring central bank digital currencies during an important Saturday meeting in Japan. The Group of Seven, or G-7, called for regulation, monitoring and oversight of crypto, while supporting innovation.

Regulation Commitment

The forum stated that they looked forward to the Financial Stability Board’s “finalization of its high-level recommendations by July 2023.” The FSB is an international advisory body created by the G20 that laid out its recommendations for crypto regulation in October 2022. These included giving governments the powers it needs to oversee crypto as well as promoting coordination among authorities to enforce crypto rules. The G-7 seemed to have doubled down on Saturday in support of those recommendations with a commitment to implementing effective regulatory and supervisory frameworks for both crypto assets and markets as well as stablecoin arrangements.

CBDC Role

The G-7 also said central bank digital currencies (CBDCs) could have a “substantial role” in a reliable global payment system. They committed to continue policy deliberation on digital money so that potential benefits such as payment efficiency and financial inclusion can be harnessed while risks are addressed at the same time. Currently eleven countries have launched a CBDC with all G7 economies now moving into the development stage of one too. 114 countries are currently exploring this idea overall which is 95 percent more than what was reported back in May 2020 when only 35 countries were considering it according to the Atlantic Council.

Group Overview

The Group of Seven includes Canada, France, Germany, Italy, Japan, the UK and the US who has been regularly meeting since mid 1980’s discussing topics related to economic cooperation between them all .

Conclusion

In conclusion it appears that there is much work still left to do when it comes from both regulating cryptocurrency markets as well as developing CBDC’s but with these countries coming together there seems no better way than for them all take positive steps forward together towards making sure this technology is properly monitored whilst at same time allowing innovation within space flourish without risking any instability or integrity problems within monetary systems globally

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