Japan’s Finance Minister Taro Aso has revealed that G7 financial leaders will discuss the central bank’s digital currency at a meeting on Feb. 12.
The meeting will be chaired by Great Britain, with representatives from the world’s largest economies discussing strategies to work their way out of the global economic crisis caused by the coronavirus pandemic.
Friday’s meeting kicks off on the topic of CBDCs, but the minister noted that the G7 will also discuss the implementation of digital taxation and emerging debt issues.
The G7, or Group of Seven, is an intergovernmental organization made up of the United States, Canada, France, Germany, Italy, Japan, and the United Kingdom.
The G7 has recently been pushing give priority to regulation of digital currencies, with the organization repeating its October statement at a meeting last month to call for robust legislation for the digital payments sector.
The October statement also noted that CBDCs can achieve significant efficiency savings and reduce friction in the payment sectors of the G7 member states.
The G7 meeting comes as China is making great strides in rolling out its Blockchain Service Network, or 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 developed and maintained by the Chinese central government.