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 a Saturday meeting in Japan.
According to a press release over the weekend, the Group of Seven, or G-7, called for regulation, monitoring and oversight of crypto, while supporting innovation.
The forum said it was waiting for the Financial Stability Board to “finalize its high level”. recommendations By July 2023.”
The FSB, an international advisory body created by the G20, put forth its recommendations for crypto regulation in October 2022.
recommendations Has shown That the FSB is concerned about the liability of custodial wallet providers and exchanges as well as lost private keys.
The board also recommended giving necessary powers to governments to oversee crypto as well as promote coordination among authorities to enforce crypto regulations.
The G-7 doubled down on its support for those recommendations on Saturday.
“We are committed to implementing effective regulatory and supervisory frameworks for crypto-asset activities and markets, as well as for the stablecoin regime, that are consistent with the FSB’s recommendations and the standards and guidance established by the SSB,” [standard-setting bodies]”According to the statement.
future of cbdc
The G-7 also said that central bank digital currencies, or CBDCs, could have a “substantial role” in a trusted global payment system.
The group said, “We will continue policy consultations on digital money to harness the benefits of innovation such as payment efficiency as well as financial inclusion, while addressing potential risks to the stability, resilience and integrity of the monetary and financial system.” ”
Eleven countries have launched CBDCs so far, and all G7 economies have reached the CBDC development stage. Atlantic Council,
The council noted that 114 countries, representing more than 95 percent of global GDP, are now exploring CBDCs, compared to only 35 in May 2020.
The G-7 includes Canada, France, Germany, Italy, Japan, the UK and the US, and has met regularly since the mid-1980s.