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A top official from the Bank of Japan (BOJ) has issued a warning to the G7 nations that an uniform framework for regulating digital currencies must be established as soon as possible.
Canada, France, Germany, Italy, Japan, the United Kingdom, and the United States make up the Group of Seven, an intergovernmental political forum.
The statement is made in response to the ongoing war between Russia and Ukraine, as cryptocurrencies and their possible applications for circumventing economic sanctions become more scrutinized.
According to Kazushige Kamiyama, head of the BOJ's payment systems department, stablecoins make it very easy to "create an individual global settlement system," making it easier for nation states to avoid more traditional and regulated payment systems that use the dollar, euro, or yen for settlement.
The G7 nations must act quickly if they are to properly coordinate regulation of cryptocurrencies and digital assets, according to Kamiyama, because current policies do not completely account for their rising use and proliferation around the world.
This legal framework, according to Kamiyama, will influence the creation of Japan’s own central bank digital currency (CBDC) – the digital yen. Individual privacy would have to be carefully balanced against worries about money laundering and other white-collar crimes.
Haruhiko Kuroda, the governor of the Bank of Japan, stated at the FIN/SUM fintech event in Japan on Tuesday that the BOJ has no intentions to implement a CBDC anytime soon. The BOJ plans to closely analyze the expected functions of central bank money in the lives of Japanese citizens, according to Kuroda.
“We consider it important to prepare thoroughly to respond to changes in circumstances in an appropriate manner, from the viewpoint of ensuring the stability and efficiency of the overall payment and settlement systems.”
Kuroda’s comments came just four days after the Bank of Japan stated that it is moving on to phase two of its CBDC feasibility study. Phase two is slated to begin later this month, so any new G7 laws will have an impact on the process.
According to Kuroda, a decision on whether or not to issue CBDC in Japan would most likely be made in 2026, depending on how quickly CBDC adoption spreads around the world.
