G7 Will Have Cryptocurrency Discussion During Summit Starting May 18

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2022-05-21 21:07:26

Central bank governors and finance ministers from the G7 group are reportedly planning to discuss cryptocurrency regulation.

The G7 meeting in Germany on May 18 will cover issues related to cryptocurrencies

Bank of France Governor François Villeroy de Galhau revealed that representatives from the United States, Canada, Japan, Germany, France, Italy and the United Kingdom are likely to speak on issues related to the regulatory framework for cryptocurrency at the G7 meeting in Germany starting on May 18. The recent volatility in the crypto market along with the collapse of the UST stablecoin ecosystem is a wake-up call for global regulators to pay more attention to the sector.

Villeroy spoke to the media referring to legislation by the European Parliament that aims to form a regulatory framework for cryptocurrencies:

“Europe has paved the way for the draft MiCA. We might […] discussed these issues with many others at the G7 meeting in Germany this week. Crypto-assets can disrupt the international financial system if they are not managed, monitored, and interacted in a consistent and appropriate manner across jurisdictions.”

According to the G7 website, finance ministers and central bank governors will meet in Germany from May 18 to 20 to discuss policies related to the recovery and financial stability of the countries. membership due to the COVID-19 pandemic, “shaping upcoming transitions in the context of digitization and climate neutrality” and business policy at the International Monetary Fund. The team has issued guidance around possible central bank digital currencies by 2021, and it is reported that certain stablecoins could threaten the global financial system in 2019. .

Villeroy previously urged EU officials to develop a regulatory framework based on the growing role of cryptocurrencies in regional markets, saying they only have “a year or two” to act. Ahead of his election victory in France, President Emmanuel Macron said he supported recent efforts by the European Parliament to regulate cryptocurrencies – including the MiCA, and added that any rule would innovation should not be hindered.

See also: The President of France has positive signals for cryptocurrencies

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