Japan Urges G7 to Prevent Russia’s Attempts to Circumvent Sanctions With Crypto
The Bank of Japan called on the G7 countries to immediately create and adopt a common regulatory framework for cryptocurrencies, which will prevent the possibility of circumventing international sanctions.
The head of the payment systems division of the Bank of Japan, Kazushige Kamiyama, told EuroNews that the use of stablecoins makes it very easy to create a customized global settlement system, which will make it easier for nation states to avoid more traditional and regulated payment systems that use the US dollar, euro or yen.
Kamiyama added that if the G7 countries want to effectively coordinate their actions on the regulation of cryptocurrencies and digital assets, a common regulatory framework should be created as soon as possible, especially given the speed of adoption and spread of cryptocurrencies around the world.
According to Kamiyama, the new regulatory framework will also affect the development of Japan’s central bank’s own digital currency (CBDC), the digital yen. However, the protection of private information will also need to be carefully balanced against money laundering, sanctions circumvention and other crimes.
Earlier, the Japanese government announced plans at the next parliamentary meeting to amend the currency legislation in order to prevent Russia from evading the sanctions imposed on it with the help of digital assets.
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