Report: At The G7, Global Banking Authorities Will Examine Cryptocurrency.

2022-05-18 | Selina Mathew

Report: At The G7, Global Banking Authorities Will Examine Cryptocurrency.

The recent crypto market volatility has apparently served as a "wake-up call" for global authorities, according to Bank of France Governor François Villeroy de Galhau.

The Group of Seven, or G7, central bank governors and finance ministers are allegedly set to discuss cryptocurrency legislation.

Representatives from the United States, Canada, Japan, Germany, France, Italy, and the United Kingdom are expected to speak on issues related to a regulatory framework for cryptocurrencies at a meeting in Germany's cities of Bonn and Königswinter starting on Wednesday, according to a Tuesday report from Reuters.

Villeroy allegedly stated that recent crypto market volatility has served as a "wake-up call" for global authorities, pointing to several stablecoins depegging from the US dollar and the value of key tokens falling.

"Europe paved the way with MiCA," Villeroy said at an emerging markets conference in Paris, referring to European Parliament legislation establishing a regulatory framework for cryptocurrency. "These and other topics will very certainly be discussed at the G7 conference in Germany this week."

Finance ministers and central bank governors will meet in Germany from May 18-20 to discuss policies related to member countries' recovery and financial stability in the aftermath of the COVID-19 pandemic, "shaping the upcoming transformation processes in the context of digitalisation and climate neutrality," and business policy at the International Monetary Fund, according to the G7 website. The organization released recommendations for the likely implementation of central bank digital currencies in 2021, as well as a warning that some stablecoins might pose a danger to the global financial system in 2019.

Given crypto's expanding importance in regional markets, Villeroy has asked EU authorities to build a legislative framework, claiming they only had "one or two years" to act.


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