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Japan’s vice finance minister for international affairs, Masato Kanda said that the Group of Seven (G7) advanced economies would look into helping developing countries introduce central bank digital currencies (CBDC) consistent with appropriate international standards, Reuters reported.
The topic is among the key themes of G7 discussions that Japan chairs this year, as it looks to address challenges the global community face from fast-moving digital technology.
“We have to address risks from the development of CBDC by ensuring factors such as appropriate transparency and sound governance,” Kanda said during a seminar in Washington.
“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,” he said.
The cryptocurrencies and the current mechanisms used to trade them are susceptible, some that the collapse of crypto exchange FTX last year has shown. Kanda added it “was a serious wake-up call” for policymakers to create regulation across borders.
“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,” Kanda said.
Another top priority of G7 talks will be to address the debt vulnerabilities of some middle-income countries. This week, policymakers will gather in Washington for the spring International Monetary Fund (IMF) meetings. Several countries, such as Sri Lanka, Ethiopia, Zambia, and Ghana, have been going through tough times and will undoubtedly be discussed on the forum.
While Kanda was less optimistic about immediate solutions for the African nations, he was more hopeful for Sri Lanka.
“For Sri Lanka, hopefully, we can have progress,” with a creditor’s committee launch soon.
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