G7 accelerates global implementation of ‘travel rule’ for crypto assets

The G7 committee recently met in Niigata, Japan to discuss the global financial implications for central bank digital currencies (CBDCs) and laws governing the transfer of cryptocurrency assets, among other topics.

in a release summary of In discussions, the committee reiterated its support for the development of CBDCs, adding that further investigation is needed to ensure they are based on “transparency, rule of law, sound economic governance, cyber security and data protection”.

The release described as “welcome” the work of the International Monetary Fund (IMF) in developing the “CBDC Handbook” and stated that the G7 committee would deliver the deliverables to be published by the 2023 World Bank Group and IMF Annual Meetings. Looking forward to the first set. , Hope Scheduled to take place on October 15 in Marrakesh, Morocco.

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Joint Statement details▼https://t.co/V1Vgq4IB4I

In fact, 議長警長見の移动です. pic.twitter.com/Tfytu0R6lw

– Finance Ministry (@MOF_Japan) May 13, 2023

Committee members also discussed the controversial “travel rule”. Is required Any financial institution processing a cryptocurrency transaction over $3,000 is required to reveal the sender’s name, address and account information. According to the release, the stand of the committee was clarified:

“We support the Financial Action Task Force (FATF) initiative to accelerate the global implementation of FATF standards on virtual assets, including the “travel rule”, and on emerging risks, including DeFi regimes and peer-to-peer transactions Its work is included.

The G7 committee consists of representatives from Canada, France, Germany, Italy, Japan, the United Kingdom and the United States, with the European Union serving as a “non-enumerated” member.

Niigata meeting before the annual G7 summit, scheduled It is scheduled to take place in Hiroshima from May 19-21.

RELATED: G7 to Collaborate on Stricter Crypto Regulation: Report

while it is still Unclear If US President Joe Biden will run as the impending debt ceiling impasse is causing impasse in Congress, Financial Times reports During the summit “the US wants its rich nation partner to step up economic pressure on China”.

Interestingly, while Ukraine was mentioned 17 times in the communique of the Niigata meeting (Russia was mentioned 18 times), China was not mentioned at all.