Japan wants G7 finance chiefs to ‘thrash out’ digital currency policy at talks as China trials continue

Friday’s virtual meeting will be the first ministerial talks for the Group of 7 (G7) in 2021

G7 nations have been cautious about China’s lead in issuing a digital currency, as it could threaten the long-standing international position of their conventional currencies

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Japanese Finance Minister Taro Aso (left) with Prime Minister Yoshihide Suga. Photo: Kyodo

Published: 1:56pm, 9 Feb 2021Updated: 1:56pm, 9 Feb 2021

Japanese Finance Minister Taro Aso said on Tuesday he wants finance chiefs from the Group of 7 (G7) industrialised economies to have in-depth discussions over digital currency at an online meeting slated for Friday.

“I think it’s important for us to thrash out [policy measures regarding] digital currency issued by central banks,” Aso told a press conference ahead of talks by the G7 finance ministers and central bank governors.

The G7 nations have been cautious about China’s lead in issuing a digital currency, as it could threaten the long-standing international position of their conventional currencies.

China’s central bank, the People’s Bank of China, has been holding trials of its digital currency in specific areas since last year.

Friday’s virtual meeting will be the first ministerial talks for the G7 in 2021, the year Britain holds the group’s presidency.

It will also be the first G7 gathering since US Treasury Secretary Janet Yellen took office after the inauguration of President Joe Biden.

The financial leaders from Britain, Canada, France, Germany, Italy, Japan, the United States plus the European Union are expected to discuss measures to address the fallout from the coronavirus pandemic, which have weighed heavily on the global economy.