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.

India's retail central bank digital currency (CBDC-R) architects are aiming to scale the use of the digital rupee to one million users, according to sources. The Reserve Bank of India (RBI) is running both retail and wholesale CBDC pilots, with the retail CBDC pilot active in at least 15 cities with over 13 banks participating. The RBI is hoping to conduct offline transactions by testing the use of wearables, cards like debit and credit, bluetooth technology, and a smartphone, with more than 50 proposals submitted to the RBI to solve the problem of offline transactions. The RBI has not announced a timeline for rolling out a full-scale retail CBDC but has previously indicated it was aiming for the end of the year.

Governor Ron DeSantis of the U.S. state of Florida has proposed legislation to prohibit the use of central bank digital currency (CBDC) as money in his state. “The Biden administration’s efforts to inject a centralized bank digital currency is about surveillance and control,” the governor warned.

The Indian central bank is exploring the offline functionality of the digital rupee, Choudhary conveyed. Noting that the CBDC will soon become a medium of exchange in India, he emphasized that it needs to have all features of physical currency, including anonymity. The RBI executive director previously said the design of India’s CBDC will be the least disruptive and will not replace physical currency or the current financial system.

The bill will prohibit the United States Federal Reserve from issuing a Central Bank Digital Currency (CBDC) directly to anyone.

Tom Emmer, the House Majority Whip serving as the representative for Minnesota’s 6th congressional district for the last seven years, is introducing the Central Bank Digital Currency (CBDC) Anti-Surveillance State Act to prevent the government from “violating citizens’ right to privacy” should they go in this direction.

The government will also work to establish a safe regulatory environment for stablecoins.