G7 nations must implement unified crypto laws, according to a Bank of Japan official

Depricated as of Oct 2022

Some CRYPKYP functionalities are depricated as of October 2022 and will no longer be populated until further development and future version.
Although all here is visible and interactable you can not Contribute to those articles.
Try looking at other information on the Platform and Contributing there!

Have a great day,

G7 nations must implement unified crypto laws, according to a Bank of Japan official

G7 nations must implement unified crypto laws, according to a Bank of Japan official
1648845069 01 Apr / 20:31

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.

Last News and Media
CRYPKYP contain links to third-party websites, resources, and advertisers. CRYPKYP does not control, sponsor, recommend or otherwise accept responsibility for any third-party content because we are not responsible for the availability of these outside resources or their contents or privacy practices. It will help if you direct any concerns regarding any third-party content to such a third party. We don't accept responsibility for the content of external websites linked to through the Site or the Services. Third-party content is accessed at the user's own risk. CRYPKYP distributes content from third-party publishers as indicated on the site from time to time mainly in Airdrops, News / Media, Whale Alerts, and Rumors. In these circumstances, CRYPKYP only provides limited stylistic input to the content. CRYPKYP does not verify and takes no responsibility for the accuracy of the content provided by any such third-party publishers.