Japanese news outlet Kyodo reports that the G7 meetings later this year will include discussions about central bank digital currency (CBDC) to share knowledge. It claims the Japanese government made the suggestion and the United States responded positively. The Bank of Japan formally set up a digital currency working group just last week.
The report claims the topic is in response to China’s lead in CBDC research with its digital yuan already starting trials. And it’s a potential challenge to the U.S. dollar’s dominance. Following the June 2019 announcement of Facebook’s Libra, the G7 rapidly set up a working group on stablecoins and published a report just four months later.
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