G-7 Aims to Aid Developing Nations in Introducing Central Bank Digital Currencies
The Group of Seven (G7) organization aims to help developing countries introduce central bank digital currencies (CBDCs) in line with international standards.
During a recent speech in preparation for the International Monetary Fund and World Bank Spring 2023 meetings, Japan's top currency diplomat Masato Kanda revealed that the move will be among the key themes of G7 discussions, alongside other grave issues like Russia's invasion of Ukraine.
Kanda noted that G7 can address challenges the global community face from fast-moving digital technology by providing developing countries with detailed guidelines to develop CBDCs.
"We have to address risks from the development of CBDC by ensuring factors such as appropriate transparency and sound governance," he said, adding:
"As a priority of this year, the G7 will consider how best to help developing countries introduce CBDC consistent with appropriate standards, including the G7 public policy principle for retail CBDC."
The G7 (Group of Seven) is an organization of the world's seven largest so-called "advanced" economies, which consists of Canada, France, Germany, Italy, Japan, the United Kingdom, and the United States
On Wednesday, Japan would chair a G7 financial leaders' meeting in Washington to discuss the global economy and financial markets, the strengthening of supply chains, and the Ukraine crisis, as per a report by Reuters.
With the rapid development of digital assets and the rise of CBDCs, governments around the world continue to struggle with the vast implications of crypto to their respective economies and financial systems.
The Japanese minister mentioned that the rise of digital technology has also introduced new challenges such as cyber-security, the spread of
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