CBDC: Japanese Finance Minister Wants G7 To Give It More Attention
● The first G7 ministerial meeting holds this Friday, on February 7.
● Japanese Finance Minister urges the G7 to focus on the CBDC policy.
● There are concerns over the development of china’s CBDC, as it releases more funds for testing.
On February 7, the G7 nations will host the first ministerial meeting ever since the Trump administration ended. Among other things that the finance ministers will discuss is the worrying growth of CBDC.
Japanese Minister, Taro Aso, calls for strong policy measures against CBDC
The virtual meeting will hold this Friday, February 7, and the Japanese financial minister suggested that the meeting should feature a discourse on the digital currency issued by the Central Bank.
The CBDC is a very secure digital financial instrument similar to banknotes. It can be used to make payments, as a unit of account and a store of value.
During a conference call, the call for the in-depth discussion on the CBDC was raised by Japanese Finance Minister Aso.
In a conference call, he also mentioned that there is a need for the G7 nations to introduce some stringent policy measures concerning the digital currency issued by the Central banks.
China’s CBDC development ahead of others
China’s central bank has recently been speeding up the development of its CBDC. In a short time, the bank has tested CBDCs in different cities across China.
Recently, China released more digital yuans worth about $1.5 million for further trials. The large sum was issued during its ongoing lunar new year.
However, this latest development from china has caused concerns for the G7 nations.
The worries seem to be a wide-spread sentiment as a Chinese report cautioned that the digital yuan could displace the other currencies used in global trade.