Members of the G7 will examine the concept of government cryptocurrencies and virtual taxation at a forthcoming summit to be held on February 12.
Taro Aso, the Japanese Finance Minister, stated G7 finance leaders will talk over central bank virtual currencies at the G7 summit this week. The conference will be chaired by the UK. Representatives of the world’s leading economies plan to review strategies for transcending the global economic crisis triggered by the coronavirus pandemic.
The discussion on Friday will begin with a conversation about government cryptocurrencies. G7 participants will also talk about the application of digital taxation and current debt issues. The G7 is an interstate organization that unites the United States, Italy, Canada, Germany, France, Japan, and the United Kingdom.
We remind that last February, functionaries of the ruling Liberal Democratic Party of Japan implored G7 members to react to plans to introduce the digital yuan in China through collaboration in research on crypto assets.
Over the previous year, China has made considerable progress in developing its own cryptocurrency and took the digital yuan to the closing stages of experimentation. This week, the Agricultural Bank of China revealed a hardware wallet for the central bank’s future digital currency.
