G7 countries want cryptocurrency market regulation

Cryptocurrencies are once again coming under the microscope of politicians from G7 countries. Finance ministers and central bank chiefs want to look into regulating this [...] https://www.pinterest.com/pin/1085437947660215829/

Cryptocurrencies are again under the magnifying glass of politicians from G7 countries. Finance ministers and central bank chiefs want to address regulation of this market. G7 countries deal with digital currencies As just reported by the U.S. Treasury Department, finance ministers and central bank governors from G7 countries - to be exact: the United States, Canada, France, Germany, Italy, Japan and the United Kingdom - have expressed their strong support for the need to regulate the market for cryptocurrencies and other digital assets. Preliminary decisions on the matter were made during the 12th G7 summit. As reported in the news release, the politicians "also discussed ongoing responses to the changing landscape of cryptocurrency and other digital assets and the work of national authorities to prevent their use for malicious purposes and illegal activities. There is strong support in the G7 for the need to regulate digital currencies." However, it appears that politicians are primarily interested in digital currencies linked to physical assets and fiat currencies - stablecoins. Stablecoins Regulators want to regulate the stablecoin market first. At a meeting in October, the G7 even already released a draft report stating that digital assets that are linked to fiat currencies need to be thoroughly examined and regulated: "The G7 believes that no stablecoin project should begin until the legal, regulatory and supervisory challenges and risks have been adequately addressed. Addressing such risks is not necessarily a guarantee of regulatory approval for a stablecoin deal." Arguably, this is a reaction to Facebook's preparations to issue Diem. The digital currency of the social network is expected to appear on the market already at the beginning of 2021. We first heard about it in the summer of 2019, but then the company's ideas sparked great opposition from officials around the world. They considered Facebook's digital currency a threat to fiat currencies. The same report also noted the potential of cryptocurrencies to offer better financial services to consumers and the fact that they allow 1.7 billion people around the world, access to transfer funds despite the fact that they do not have a bank account. Tags diem g7 libra