Japan Legislators Push for The Inclusion of Digital Currencies in G7 Discussions

News / 07.02.2020

Reuters reports that Japanese lawmakers have lobbied their government to push for the inclusion of discussions on digital currencies at the G7. They have asked the government to convince the United States (the leader of the summit) to amend the meeting’s agenda to include the topic.

Akira Amari, Japan’s Minister for Economic Revitalisation, averred that it was crucial to draw the United States’ backing for the topic.

Mr Amari maintains that the two nations need to join efforts in making digital currency part of the G7 agenda. He proposes a collaboration between the countries in researching the issuance of digital currencies.

G7 Deliberations Underway in the US

As Japan concentrates on its digital currency development,  China is exploring digital Yuan. There’re fears that China’s digital currency could challenge the US dollar’s claim to the global currency reserve status. The United States lags in its efforts to join the crypto adoption race.

In the U.S. deliberations on CBDCs are ongoing. Its former CFTC Chair, J. Christopher Giancarlo, suggests the need to escalate them further.

Speaking at a recent conference in Davos, Giancarlo revealed the presence of lobbyists pressing for the development of a digital dollar. He said that their emphasis is on identifying options for a CBDC solution that improves the effectiveness of the monetary policy besides financial stability.

Global Push for CBDCs

The rush to adopt CBDCs has caught on globally. Reports indicate that the Bank of England is leading a concerted effort by six of the world’s most influential central banks including the  Bank of Japan in pursuing CBDCs. In addition to sharing knowledge of new technologies, the collaboration will explore CBDC use cases.

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Dacosta Osei-Tutu, a first degree holder in Nursing, who couples his Nursing career with blockchain blogging, has a great passion for the blockchain technology and aims to play a vital role in applying this revolutionary technology to disrupt the healthcare system in Africa.