G7 to counter ransomware attacks “Digital currency regulation required”

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The seven major countries (G7) in Japan, the United States and Europe will hold a videophone-style meeting of finance ministers and central bank governors on the 13th to encrypt data in computer terminals for ransom purposes. He showed his attitude to counter attacks using “ransom wear”. At the same time, he said that stable coins (digital currencies backed by fiat currencies) should not be introduced until appropriate regulations are introduced.

“The widespread adoption of digital payments has the potential to address the challenges of existing payment systems through increased access to financial services, reduced inefficiencies and reduced costs,” the G7 said in a joint statement. In addition to financial stability and consumer protection, he said that money laundering (money laundering) and terrorist financing need to be dealt with, and that “payment services should be properly supervised and regulated.”

Many G7 authorities are also exploring opportunities and risks associated with the Central Bank Digital Currency (CBDC), saying, “We are committed to addressing existing challenges in payment systems and making continuous improvements. I am doing it. ” At the same time, the G7 is in the position that no Global Stable coin project should be launched until it fully meets legal, regulatory and supervisory requirements through proper design and compliance with applicable standards. , Continue to maintain. “

In addition, he expressed concern that the threat of ransomware attacks is increasing. “In the pandemic of the new coronavirus, malicious actors are targeting important sectors,” he said, confirming his policy to counter such attacks.

At a press conference, Finance Minister Aso explained his efforts to restart the economy while taking measures against corona infection, and said that his thoughts were reflected in the statement. He also said that the statement summarizing concerns about the increasing threat of ransomware attacks as a common understanding of the G7 is significant.

BOJ Governor Kuroda has no plans to issue a CDBC at this time, but pointed out that it is important to proceed with the demonstration experiment. “If there are countries that want to issue not only the G7 but also other countries, they need to be issued with transparency, the rule of law, and governance,” he said.

Source Reuters

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