Taro Aso, the Japanese Finance Minister, has revealed the Group of Seven’s (G7) financial leaders will discuss central bank digital currencies (CBDCs) on February 12, as the G7 is an intergovernmental organization consisting of the United States, Canada, France, Germany, Italy, Japan, and the United Kingdom.
It has been reported that the meeting will be chaired by Britain, with representatives from the world’s largest economies set to discuss strategies for navigating their way out of the global economic crisis caused by the coronavirus pandemic.
However, the meeting will commence on the topic of CBDCs, but the minister noted the G7 will also discuss the implementation of digital taxation and emerging debt problems.
The report said that the G7 has recently pushed to prioritize the regulation of digital currencies, with the organization reiterating its October statement calling for robust legislation to govern the digital payments sector during a meeting last month.
Thus, the G7’s meeting comes as China makes major progress in rolling out its Blockchain Service Network (BSN) with “big four” consulting firm Ernst & Young announcing it will deploy two blockchain-powered products on the BSN last week.