G-7 Talks on Central Bank Digital Currencies Fruitful: Aso

Politics Economy

Tokyo, Dec. 8 (Jiji Press)--Japanese Finance Minister Taro Aso has praised the progress made this year in discussions among the Group of Seven major industrial nations on central bank digital currencies, or CBDCs.

At a videoconference among G-7 finance ministers and central bank chiefs on Monday, Aso said it is an achievement that the seven major economies have worked together to make the three conditions for CBDCs to meet, including transparency and the rule of law.

He also said Japan hopes to continue to cooperate with other G-7 nations in responding to the new coronavirus pandemic and other issues.

In November, the Group of 20 major economies agreed on the introduction of a debt relief framework for developing countries with poor medical care systems and weak financial bases, as a measure to help them cope with the pandemic. Aso said the G-7's leadership displayed in the G-20 discussions on the matter is also an important achievement.

From Japan, Aso and Bank of Japan Governor Haruhiko Kuroda attended the G-7 meeting. Participants looked back on their discussions in 2020, when the global economy was hit hard by the virus crisis, and summed up the G-7's responses.

[Copyright The Jiji Press, Ltd.]

Jiji Press