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G7 advocates for expedited global adoption of the ‘travel rule’ concerning cryptocurrency assets.
The G7 committee convened recently in Niigata, Japan, to address various subjects, including the worldwide financial ramifications of central bank digital currencies (CBDCs) and the regulations surrounding the transfer of cryptocurrency assets.
In a statement summarizing the discussions, the committee reaffirmed its endorsement for the advancement of CBDCs, noting that additional examination is necessary to ensure they are based on “transparency, the rule of law, sound economic governance, cyber security, and data protection.”
The statement characterized the International Monetary Fund’s (IMF) efforts in creating a “CBDC Handbook” as “welcome” and indicated that the G7 committee anticipates the initial set of deliverables to be released during the 2023 World Bank Group and IMF Annual Meetings, scheduled to occur in Marrakesh, Morocco, on Oct. 15.
＼#G7新潟／
The G7 Niigata Finance Ministers and Central Bank Governors Meeting adopted a joint statement and concluded its three-day agenda.
For more details on the joint statement, click here▼https://t.co/V1Vgq4IB4I
The photo shows the press conference of the chair country.— 財務省 (@MOF_Japan) May 13, 2023
Members of the committee also deliberated on the contentious “Travel Rule,” which mandates that any financial institution handling cryptocurrency transactions exceeding $3,000 must reveal the sender’s name, address, and account details. According to the statement, the committee’s position was clearly articulated:
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“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.”
The G7 committee consists of representatives from Canada, France, Germany, Italy, Japan, the United Kingdom, and the United States, with the European Union participating as a “non-enumerated” member.
The Niigata meeting takes place ahead of the annual G7 summit, which is set to occur in Hiroshima from May 19 to 21.
Related: G7 to collaborate on tighter crypto regulation: Report
While it remains uncertain whether U.S. President Joe Biden will participate, as the looming debt ceiling stalemate is creating a deadlock in Congress, the Financial Times reports that “the U.S. wants its wealthy nation partners to heighten economic pressure on China” during the summit.
Notably, while Ukraine was referenced 17 times in the Niigata meeting’s statement (with Russia mentioned 18 times), China was not referenced at all.
