During their meeting in Japan, members of the Group of Seven (G7) discussed topics such as central bank digital currencies (CBDCs) and regulations surrounding cryptocurrencies. The focus was on expediting the implementation of the “Travel Rule” for crypto assets.
The G7 committee recently met in Niigata, Japan to discuss CBDCs and cryptocurrency asset transfers. They expressed support for developing CBDCs but emphasized the need for thorough investigation to ensure adherence to principles such as transparency and cybersecurity.
The committee welcomed the IMF’s efforts in developing a “CBDC Handbook” and anticipated the publication of initial deliverables at the 2023 World Bank Group and IMF Annual Meetings in Marrakesh, Morocco.
The discussions aimed to address global financial implications and establish a regulatory framework for CBDCs and cryptocurrency transfers.
The G7 committee emphasized the importance of transparency, the rule of law, sound economic governance, cyber security, and data protection in the development and implementation of CBDCs.
During the G7 committee meeting, members discussed the “Travel Rule” that mandates disclosure of sender information for cryptocurrency transactions exceeding $3,000. The committee expressed its position on this rule, but the specifics were not mentioned in the provided information.
The committee’s stance on the “Travel Rule” was outlined in the communique, indicating their position on the disclosure requirements for financial institutions handling large cryptocurrency transactions.
The G7 committee comprises representatives from Japan, Germany, France, Italy, Canada, the United Kingdom and the United States, with the European Union serving as a “non-enumerated” member.
The Niigata meeting precedes the annual G7 summit, scheduled to take place in Hiroshima from May 19th to 21st.