G7 to Discuss CBDCs and Crypto Taxation This Week
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Feb. 9, 2021

The leaders of the G7, an organization made up of the world's seven largest so-called advanced economies, will meet this week to discuss several topics, including CBDCs and taxes on cryptocurrencies.

The meeting, which is scheduled for February 12, will discuss central bank digital currencies as well as cryptocurrency taxes, according to Japanese Finance Minister Taro Aso.

The main purpose of the meeting is to discuss possible solutions to the economic crisis caused by the covid-19 pandemic. The G7 members - the United States, Canada, France, Germany, Italy, Japan, the United Kingdom and the United States - will also discuss the implementation of digital taxation and new debt problems.

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The fact that the group is set to discuss central bank digital currencies and taxes on cryptos comes as no surprise, as the institution has previously unveiled it wants strong legislation to regulate the digital payments industry.

Notably, the news comes after it was known China is rapidly moving forward with the deployment of its Blockchain Services Network or BSN, the first blockchain network developed and maintained by China's central government. It is not surprising the G7 also wants to see progress in the development of this tech in order to face Chinese competition.

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