Final week, the committee, representing the world’s 7 largest economies (G7), met in Niigata, Japan, to debate, amongst different subjects, the worldwide monetary implications for central financial institution digital currencies (CBDC) and the legal guidelines governing the switch of cryptocurrency property.
In a press release summarizing the discussions, the committee reiterated its assist for the event of CBDCs, albeit with some reservations. Committee members additionally mentioned the controversial ‘journey’ rule requiring any monetary establishment processing cryptocurrency transactions over $3,000 to reveal the sender’s title, deal with, and account data. And he expressed his full assist for the initiative.
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