Masato Kanda, Japan's senior financial diplomat, told a conference in Washington DC on Tuesday that the G7 will prioritize ways to support developing countries in launching their own digital currencies. Central banks (CBDC) are better.
"Digital technologies are developing rapidly and bringing great benefits for many years, including cross-border payments," said Kanda, Japan's Deputy Minister of Finance for International Affairs. at a cheaper and faster cost, more suitable for the masses, but at the same time, new technologies have also begun to face many challenges." "We must address the risks from the development of CBDCs by ensuring elements such as appropriate transparency and sound governance."
Japanese Prime Minister Fumio Kishida will chair this year's G7 summit in Hiroshima. Discussions regarding cryptocurrency regulation are expected to take center stage at a meeting of finance ministers and central bankers from G7 countries in mid-May. The G7 also plans to tighten global cryptocurrency regulations and focus on increasing business transparency and consumer protection.
“The collapse of FTX is a serious wake-up call on the need for consistent cross-border regulation, completing the work of the FSB (Financial Stability Board) to develop recommendations senior level on crypto asset market performance and global stablecoin positioning is critical, as is effective implementation of this recommendation,” said Mr. Kanda. .
FTX Japan users were some of the first to get their money back from the collapsed cryptocurrency exchange thanks to Japan's relatively strict regulatory regime on cryptocurrencies.
The Financial Stability Board (FSB) and the International Monetary Fund have been tasked by the Group of 20 major economies with a report synthesizing joint proposals for global cryptocurrency rules by next year. September or October.
