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G7 discusses crypto, supports CBDC — Law Decoded, May 15–22

Last week the committee, representing the 7 largest economies in the world (G7), have met in Niigata, Japan to discuss, among other topics, the global financial implications for central bank digital currencies (CBDCs) and the laws governing the transfer of cryptocurrency assets.

In a communique summarizing the discussions, the committee reiterated its support for developing CBDCs, albeit with some reservations. Committee members also discussed the controversial “Travel” rule requiring any financial institution processing cryptocurrency transactions over $3,000 to disclose the sender’s name, address and account information. And it expressed its total support for the initiative.

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