March 4, 2024

Members of the G7 committee recently met in Niigata, Japan, to discuss the global financial implications of CBDCs and regulation of cryptocurrencies, ahead of the annual G7 summit in Hiroshima on May 19-21.

Members of the Group of Seven (G7) nations recently met in Niigata, Japan, to discuss the impact of global finance on the regulation of central bank digital currencies (CBDCs) and cryptocurrencies. On the agenda of the meeting was the law governing the transfer of crypto assets, in particular the accelerated implementation of the Financial Action Task Force’s (FATF) controversial “travel rule”.

this”travel rules“Requires financial institutions processing cryptocurrency transfers of more than $3,000 to disclose sender details, including their address, name and account information.

Bulletin released Summarizing the committee’s discussions, underscoring the panel’s support for accelerated implementation of the Travel Rule:

We support the Financial Action Task Force’s (FATF) initiative to accelerate global implementation of FATF’s virtual asset standards, including the Travel Rule, and its work on emerging risks, including from DeFi arrangements and peer-to-peer transactions.

Further on the agenda is support for CBDC development. However, the committee said that to develop CBDCs, further investigation is needed to ensure they are based on “transparency, the rule of law, sound economic governance, cybersecurity and data protection”.

The meeting comes ahead of the annual G7 summit, which will be held in Hiroshima, Japan, from May 19-21. The G7 is made up of representatives from France, Canada, Italy, Germany, Japan, the United Kingdom and the United States. The European Union (EU) is an “unlisted” member.

Disclaimer: This article is for informational purposes only. It does not provide or be intended to be used as legal, tax, investment, financial or other advice.