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G7 pushes accelerating global implementation of ‘travel rule’ for crypto assets

G7 pushes accelerating global implementation of ‘travel rule’ for crypto assets

The G7 committee held a meeting in Niigata, Japan to discuss global financial implications of central bank digital currencies (CBDCs) and laws governing cryptocurrency asset transfers. In a communique, the committee stated that it supports development of CBDCs with a focus on transparency, rule of law, sound economic governance, cyber security, and data protection. The IMF’s development of a “CBDC Handbook” was referred to as “welcome,” with the committee looking forward to the first set of deliverables in 2023. The G7 committee also discussed the “Travel Rule,” showing support for initiatives to implement FATF Standards on virtual assets and the “travel rule.” The G7 committee comprises representatives from Canada, France, Germany, Italy, Japan, the United Kingdom, and the United States, along with the European Union as a “non-enumerated” member. The Niigata meeting precedes the annual G7 summit in Hiroshima from May 19 to 21.

While it’s uncertain if US President Joe Biden will attend due to a deadlock in Congress caused by the impending debt ceiling impasse, the Financial Times reports that “the US wants its rich nation partners to increase economic pressure on China” during the summit.

Ukraine was mentioned 17 times, and Russia 18 times, in the communique, but China was not mentioned at all.