The G7 = Seven Major Countries Finance Ministers and Central Bank Governors' Meeting held in the United States summarized the common principles for central banks to issue digital currencies.
As China takes the lead in preparing for the "Digital RMB," the G7 aims to take the lead by showing common principles.
The G7 Finance Ministers and Central Bank Governors' Meeting was held in Washington, DC on the 13th, and was attended by the Bank of Japan's Governor Kuroda and Finance Minister Kanda from Japan.
According to a joint statement released after the meeting, the electronic money and digital currencies issued by the central bank "can complement cash and function as a payment system."
On top of that, he set out a common principle so as not to impair the stability of the financial system in anticipation of future issuance.
Specifically, we have established strict privacy standards, are responsible for protecting user information, thoroughly implement cyber security measures to ensure security, and coexist with existing payment methods such as cash and private electronic money. It is said.
Regarding digital currencies, it is said that China is leading the way in this field, such as conducting demonstration experiments toward the issuance of the "Digital RMB".
No G7 country has officially decided to issue it, but the aim is to take a leading position for future issuance by uniting and showing common principles.
Bank of Japan Governor Kuroda “Making rules for financial system stability”
The digital currency issued by the central bank is called CBDC, and China is accelerating the move toward the issuance of the "Digital RMB".
On the other hand, some crypto assets, also called virtual currencies, issued by private companies and organizations are linked to legal tender to stabilize prices, and these are called stablecoins.
After the G7 meeting, the Bank of Japan's Governor Kuroda said at a press conference held locally, "If a large IT company issues a wide range of stablecoins, it may have an impact on the financial system. We are arguing that CBDC may be possible, "he said, recognizing that the G7 needs to lead the rule-making of digital currencies in order to stabilize the financial system.
In addition, when asked whether this agreement as the G7 was intended to counter China, Governor Kuroda said, "I was not specifically aware of it." In that case, if you follow the G7 principles, there will be no problems with the global financial system. "
Treasury Minister Suzuki "Agreeing on the principle is a big achievement"
G7 = At the meeting of finance ministers and central bank governors of the seven major countries, Minister Suzuki said, "The transparency that has been stated in the G7 statement so far," said Minister Suzuki about the common principles for central banks to issue digital currencies. It provides guidelines for each country to consider widely while reaffirming the importance of the rule of law and sound economic governance. The central bank and the Ministry of Finance cooperate in the important field related to the financial order of currency digitization. Working and reaching an agreement on principles on a wide range of public policy issues is a huge achievement. "