Leading developed countries have expressed "strong support" for "the need to regulate digital currencies", said today a spokesman for US Treasury Secretary Steven Mnuchin.

The finance ministers of the G7 countries, which include Canada, France, Germany, Italy, Japan, the United Kingdom and the United States, as well as the heads of the International Monetary Fund, the World Bank and the Financial Stability Council - met to discuss the pandemic, finance and took the opportunity to talk about the most disruptive technology of our era: cryptocurrency.

"There is strong support from the G7 on the need to regulate digital currencies," reported the US Treasury Department.

Treasury Secretary Steven Mnuchin said ministers and central bank presidents "reiterated support for the joint G7 declaration on digital payments issued in October".

Although the G7 is concerned with private stablecoins, they are also interested in state-managed initiatives, such as CBDCs, which they believe can function as a new tool for central banks.