The Japanese Vice Minister of Finance for International Affairs, Masato Kanda, claimed that the Group of Seven major economies will assist the developing countries in introducing the Central Bank Digital Currency (CBDC) noting it as a priority for 2023.
The Japanese diplomat was speaking at the annual Macro Week hosted by the Peterson Institute for International Economics (PIIE) in the lead-up to the International Monetary Fund and World Bank Spring 2023 meetings.
“As a priority of 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 minister stated.
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Kanda noted it is important to address the risks involved with the development of CBDCs by ensuring factors such as “appropriate transparency and sound governance.”
He also spoke about the need for proper and consistent regulations across the border on crypto assets through the Financial Stability Board’s (FSB) work stating how the collapse of FTX served as a wake-up call.
Kanda added “For crypto assets, there are a bit of diverging views among countries. But the consensus is definitely that we need more regulation, particularly after the FTX shock.”
Just last month, it was reported that G7 is seeking tighter crypto rules after the FTX collapse, even putting it as a main agenda in the meeting of finance ministers and central bankers in mid-May.