G-7 Seeks Transparency of Central Bank Digital Currencies

Politics Economy

Tokyo, Oct. 14 (Jiji Press)--Top finance and monetary officials of the Group of Seven major industrial nations have sought to ensure the transparency of central bank digital currencies (CBDCs).

"Confidence in the stability of domestic payment systems and the international monetary system is underpinned by credible and longstanding public sector commitments to transparency, the rule of law and sound economic governance," the G-7 finance ministers and central bank chiefs said in a joint statement on digital payments issued after their videoconference on Tuesday.

By saying this, the G-7 officials suggested that CBDCs should meet these conditions.

"We need to call attention to CBDCs" that do not meet the required conditions, Japanese Finance Minister Taro Aso told a press conference, apparently referring to an official Chinese digital yuan, whose pilot runs were launched recently.

On Facebook Inc.'s proposed cryptocurrency, Libra, and other similar projects, the G-7 statement said, "No global stablecoin project should begin operation until it adequately addresses relevant legal, regulatory and oversight requirements through appropriate design and by adhering to applicable standards."

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