In a meeting this week in Germany, the Group of Seven (G7) is expected to examine crypto regulation. The Head of the French Central Bank, Francois Villeroy de Galhau, adding that what transpired in the past demonstrates the urgent need for global regulation. He addressed this during a Paris conference on emerging markets.
According to de Galhau,
“Europe paved the way with MICA (regulatory framework for crypto-assets), we will probably”
” … discuss these issues among many others at the G7 meeting in Germany this week.”
He made these comments in response to the recent volatility in the cryptocurrency market, which saw the market lose a significant amount of value. The crypto market value is currently at $1.29 trillion.
Regulation of cryptocurrency is becoming more important.
The G7, which consists of Canada, France, Germany, Italy, Japan, the United Kingdom. Then, and the United States, is still striving to govern the crypto sector.
G7 ministers asked for stronger regulatory monitoring of cryptocurrency in December 2020. That’s as the sector continues to witness increased acceptance from both retail and institutional investors.
Following that, Japan urged other G7 countries to adopt similar crypto laws. Kazushige Kamiyama, the Head of the Bank of Japan’s Payment Systems Department, states that employing stablecoins will make it simple to construct distinct worldwide settlement systems.
Lastly, Such developments, according to Kamiyama, will make it simpler for governments to circumvent established. Then, and regulated payment systems that rely on the dollar, euro, or yen for settlement.
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