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G7 Leading the Policy backing State-owned Digital Currencies and More.

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Finance ministers and apex bank governors of the G7 countries met recently. G7 is an informal group of wealthy nations. It is made up of the US, UK, Japan, Germany, France, Italy, and Canada.

The meeting took place at Lancaster House in London from June 4 to June 5. The leaders spoke on working towards common principles for state-backed digital currencies. They plan to publish their conclusions this year. Mentioning that “could act as both a liquid, safe settlement asset and as an anchor for the payments system.”

The meeting followed the one held virtually on May 28 where the G7 finance ministers and central bank governors attended. The G7 summit is starting this Friday, June 11. The Carbis Bay Hotel, Cornwall, UK is the place of meeting.

Among the topics they discussed was central bank digital currencies (CBDCs), according to the G7 Finance Ministers and Central Bank Governors Communiqué published Saturday.

The meeting also touched on addressing global tax havens. Saying multinational companies should pay at least 15% of corporate tax rates in countries they sell their goods in. This is to help countries deal with the aftermath of the covid lockdown and reduce multinational companies’ incentive to shift profits to low-tax offshore havens. The agreement is still subject to approval at the upcoming G20 meeting – although the US feels unfairly targeted. 

The meeting also seemed to be climate as they discussed many climate/nature preservation strategies. A new Taskforce on Nature-related Financial Disclosures was launched on Friday, the ministers saying that they looked forward to its outcome, due in 2023.


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