Japanese Finance Minister Taro Aso recently called on all G7 finance ministers to hold an in-depth discussion at the next meeting on the digital currencies of central banks (CBDCs).
On 12 February, G7 finance ministers will have a virtual meeting for the first ministerial talks to be held in 2021. Japanese Finance Minister Taro Aso recently called on all G7 finance ministers to address the digital currencies of central banks in detail (CBDCs). During a recent press conference, Taro Aso emphasized the need for the G7 nations to implement some solid cryptocurrency policy steps.
The first meeting since Joe Biden became the President of the United States.
“I think it’s important for us to thrash out [policy measures regarding] digital currency issued by central banks,” the Japanese finance minister added. This will be the first ever meeting of G7 finance ministers and central bank governors since last month’s takeover of the Biden administration. The People’s Bank of China , China’s central bank, has accelerated its CBDC growth over the last year. CBDCs were vigorously tested by the Chinese central bank across multiple cities in the country. China recently released another Digital Yuan worth $1.5 million to perform two big nationwide trials.
Among financial regulators worldwide, the digital yuan raises concern.
The G7 Nations have been cautiously observing the concerns of China taking the lead in CBDC developments with regard to the new digital yuan growth. The creation of the Digital Yuan has raised concerns that it could replace other strong currencies that are used in global trade, the South China Morning Post reports. For top economic forces, CBDCs have taken the centre stage. ECB President Christine Lagarde was also very outspoken about the implementation of the CBDC, as the Eurozone has already begun working on a digital pan-European currency, also known as the Digital Euro. Earlier, India also announced its intention to ban all cryptocurrencies and create its own digital currency backed by central banks.