G7 Nations Call For Strong Support on the Need to Regulate Digital Currencies
The officials of the intergovernmental organization known as the Group of Seven or G7 are stressing the need to regulate cryptocurrencies. As reported by the United States Department of the Treasury in a press release on the 7th of December, the finance minister and central bank officials from the nations of G7 have called for strong support for cryptocurrency regulations.
Recently a meeting of G7 held in which Central Bank Governors and Finance Ministers from seven countries including France, Germany, Canada, the United Kingdom, the United States, Japan, and Italy participated. This meeting was chaired by Steven T. Mnuchin the Secretary of the United States Department of Treasury. As per a statement from the US Treasury, their main topic of discussion was the COVID-19 pandemic. However, they also shed a light on the emerging cryptocurrency landscape and responses to this industry during their discussion.
The Finance Ministers and central bank officials of these countries said that there is a need for regulating cryptocurrencies. As a statement from the United States Treasury’s readout states:
“They also 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. 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.”
This statement shows that these finance ministers are highly concerned with the regulation of cryptocurrencies. Particularly, they aim at privately-owned stablecoins as they are considered as risky. They are of the view that there is a need for some effective actions to be taken in response to control the Coronavirus pandemic. They discussed various strategies for achieving recovery in this case and how they think it is crucial to regulate the cryptocurrency industry.
Throughout this year, cryptocurrency regulation has been one of the hot topics as various authorities from across the whole world have stressed the regulation of digital assets this year. Over the past few months, regulatory authorities have tightened their grip on the cryptocurrency industry. One famous incident of this year is the recent filing against the major Seychelles-based cryptocurrency exchange BitMEX made by the United States Commodity Futures Trading Commission (CFTC). At the beginning of the month of October, CFTC charged three co-founders of the BitMEX exchange for operating an illegal trading platform and violating regulations.
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