Japanese Finance Minister Taro Aso said on Tuesday that he asked the finance chiefs of the Seven Industrialized Economic Groups to have in-depth discussions on digital currency at an online meeting Friday.

 

 

“I think it is important for us to eliminate the digital currency (policy measures) issued by central banks,” Aso said before the G-7 finance ministers and central bank administrators talks.

The G-7 countries have been wary of China’s leadership in digital currency issuance, as it could threaten the longstanding international standing of traditional currencies. China’s central bank, the People’s Bank of China, has been experimenting with the digital currency in certain areas since last year.

Friday’s virtual meeting will be the first ministerial-level talks for the G-7 in 2021, the year Britain presided over the group. It will also be the first G-7 meeting since US Treasury Secretary Janet Yellen took office on January 20, after President Joe Biden took office.

Finance leaders from the UK, Canada, France, Germany, Italy, Japan, the United States and the European Union are expected to discuss measures to address the consequences of the coronavirus epidemic that has dominated the global economy.

Aso also addressed issues related to the debt reduction program for developing countries managed by the Group of 20 major economies in the midst of the coronavirus epidemic, and the new international taxation rules for technology firms operating globally as themes that Japan will focus on in the G-7 talks.

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