Steps have been taken from the G7 countries to regulate cryptocurrencies.
In the last year, the crypto money industry has not experienced anything. However, regulatory voices from leading countries began to rise.
G7 Countries Green Light to Regulations
G7 countries reported that they will discuss digital currency standards and crypto regulations. The G7 will encourage developing countries to implement central bank digital currency standards and unite in the idea of stronger regulation over cryptocurrencies. In addition, the G7 will focus on tackling the debt woes of middle-income countries.
Japan’s top currency diplomat, Masato Kanda, explained how the G7 will help developing countries implement central bank digital currencies consistent with appropriate international standards, in discussions that Japan will chair this year. Kanda stressed that they should provide factors such as appropriate transparency and sound governance to address the risks posed by the development of CBDC. He identified it as the priority of the G7 to help developing countries implement CBDC consistent with appropriate standards, including the public policy policy for retail CBDC.
Outside of the G7, China is the leader in issuing digital currency. G7 central banks set common standards for issuing CBDCs, while some countries are advancing with experimentation.
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