G7 committee members recently met in Niigata, Japan, to discuss global financial implications for CBDCs and crypto regulation ahead of the annual G7 summit, which will take place in Hiroshima from May 19 to 21.
Group of 7 (G7) members recently met in Niigata, Japan, to discuss global financial implications for central bank digital currencies (CBDCs) and cryptocurrency regulation. On the meeting’s agenda were laws governing the transfer of crypto assets, specifically accelerating the implementation of the Financial Action Trask Force (FATF) controversial “Travel Rule.”
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The “Travel Rule” requires financial institutions which process crypto transfers larger than $3,000 to disclose the sender’s details, including their address, name, and account information.
Communique was released summarizing the committee’s discussions, which emphasizes the group’s support for accelerating the implementation of the ‘travel rule’:
We support initiatives by the Financial Action Task Force (FATF) on accelerating global implementation of the FATF Standards on virtual assets, including the ‘travel rule’, and its work on emerging risks, including from DeFi arrangements and peer-to-peer transactions.
Further on the agenda was the support for the development of CBDCs. The committee, however, said that CBDCs were to be developed, but further investigations were needed to ensure they are grounded in “transparency, the rule of law, sound economic governance, cyber security and data protection.”
The meeting was held ahead of the annual G7 summit, which will take place in Hiroshima, Japan, from May 19 to 21. The Group of 7 comprises representatives from France, Canada, Italy, Germany, Japan, the United Kingdom, and the United States. The European Union (EU) serves as a “non-enumerated” member.
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