The Group of Seven (G-7) nations have announced their intention to prioritize assistance to developing countries in introducing their own central bank digital currencies (CBDCs). Speaking at a seminar in Washington DC, Japan's senior financial diplomat, Masato Kanda, noted the challenges posed by fast-moving digital technologies and emphasized the need for appropriate governance and transparency. The G-7 plans to accelerate discussions on crypto regulation ahead of a meeting of finance ministers and central bankers in May, with a focus on increasing business transparency and consumer protection. Kanda also referenced the collapse of the FTX crypto exchange and the need for consistent regulation across borders. Finally, the G-20 has tasked the Financial Stability Board and the International Monetary Fund with producing a synthesis paper on global crypto rules by September or October.

(By Amitoj Singh)