Monday, March 1, 2021
pool-ads
Home Latest News Policy and regulation G7 to discuss CBDC and digital taxation this week

G7 to discuss CBDC and digital taxation this week

Japanese Finance Minister Taro Aso has revealed the G7’s financial leaders will discuss central bank digital currencies during a meeting on Feb. 12.

 The meeting will be chaired by Britain, with representatives from the world’s biggest economies set to discuss strategies for navigating their way out of the global economic crisis caused by the coronavirus pandemic. 

 According to Cointelegraph, Friday’s meeting will commence on the topic of CBDCs, but the minister noted the G7 will also discuss the implementation of digital taxation and emerging debt problems.

 The G7 (Group of Seven), is an intergovernmental organization consisting of the United States, Canada, France, Germany, Italy, Japan, and the United Kingdom. 

Recently, the G7 has pushed to prioritize the regulation of digital currencies, with the organization reiterating its October statement calling for robust legislation to govern the digital payments sector during a meeting last month. 

The October statement also indicated that CBDC’s could realize significant efficiency savings and reduce friction in the payments sectors of G7 member states. 

 The G7’s meeting comes as China makes major progress in rolling out its Blockchain Service Network (BSN), with “big four” consulting firm Ernst & Young announcing it will deploy two blockchain-powered products on the BSN last week. The BSN is the first blockchain network to be developed and maintained by China’s central government. 

Subscribe to our newsletter

To be updated with all the latest news, offers and special announcements.

LEAVE A REPLY

Please enter your comment!
Please enter your name here

- Advertisment -
magazine-ads

Must Read

Bank of Korea chief says crypto has no intrinsic value, expects...

0
Bank of Korea Governor Lee Ju-yeol stated that crypto assets like Bitcoin have no intrinsic value, local news agency Yonhap reports Tuesday. The official...