Thursday, April 15, 2021

World Governments Finally See the Need for Crypto Regulation at G-7 Meeting

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.

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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.

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Solomon Odunayo
Solomon has a growing passion for writing, this propelled him to keenly work on Eagles News Media for about two years before delving into the cryptocurrency and Blockchain industry he finds more interesting. He worked as a crypto Journalist and Editor at NewsLogical before joining Herald Sheets, owing to the priceless experience he has accumulated since he became a contributor in the crypto community.

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