Governments of Nations Finally See the Need for Crypto Regulation at G-7 Meeting
AI Trading

As a report has it, quite a number of governments across the world, including many G-7 members, have now realized the need for cryptocurrency regulation.

Regulation of crypto assets has been widely discussed in 2020 and still continues to be a point for discussion among the financial sectors of nations across the world.

According to a report, it was concluded in a recent G-7 meeting that there is a need for the regulation of cryptocurrency.

Read Also: Blockchain Gaining Traction in Thailand as Judicial System Prepares to Move Court Records into Distributed Ledger

AI Trading

A statement released on Monday by the United States Department of the Treasury says that the group of nations “discussed ongoing responses to the evolving landscape of crypto assets and other digital assets and national authorities’ work to prevent their use for malign purposes and illicit activities.”

Adding that “There is strong support across the G7 on the need to regulate digital currencies. Ministers and Governors reiterated support for the G7 joint statement on digital payments issued in October.”

In recent months, there have been indications that regulators are beginning to see the importance of crypto regulation.

According to the statement referenced above, the G-7 meeting led by Steve Mnuchin, the United States treasury secretary, was attended by the International Monetary Fund, the Financial Stability Board, and World Bank leaders.

Mnuchin tweeted, Productive G7 call this morning. We discussed the effective actions in response to COVID19, strategies to achieve a robust recovery, and cryptocurrencies.”

After the meeting, the finance minister of Germany expressed concern regarding Facebook’s Libra rebranded as Diem, referring to the asset as a wolf in sheep’s clothing.

Read Also: Binance Reveals What Prevents Traditional Brokers from Offering Crypto Services

Based on information shared a couple of days ago by the CEO of Coinbase, Brian Armstrong, Mnuchin is planning to introduce an impactful crypto-related ruling that would forbid crypto holders from using personal crypto wallets that are unrelated to regulated exchanges.

AFFILIATE: Trade your preferred cryptocurrencies seamlessly at

AI Trading produces top quality content for crypto companies. We provide brand exposure for hundreds of companies. All of our clients appreciate our services. If you have any questions you may contact us. Cryptocurrencies and Digital tokens are highly volatile, conduct your own research before making any investment decisions. Some of the posts on this website are guest posts or paid posts that are not written by our authors and the views expressed in them do not reflect the views of this website. Herald Sheets is not responsible for the content, accuracy, quality, advertising, products or any other content posted on the site. Read full terms and conditions / disclaimer.

Solomon Odunayo

By Solomon Odunayo

Solomon Odunayo is an accomplished blockchain and cryptocurrency expert at Herald Sheets, known for his in-depth analysis and engaging articles that cater to both beginners and experienced readers. With a degree in Computer Science from the University of Lagos, Solomon leverages his technical background and keen understanding of the crypto space to provide readers with valuable insights and up-to-date news. His passion for innovation and commitment to staying current with industry developments make him a trusted voice in the digital currency community.