The G7 finance ministers and central bank governors discussed the need to regulate cryptocurrencies during their latest meeting.
German Finance Minister Olaf Scholz raised concerns about Facebook’s upcoming cryptocurrency.
Besides discussing responses to the Covid-19 pandemic and economic recovery measures, the G7 finance ministers and central bank governors “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,” the Treasury Department detailed, adding: “There is strong support across the G7 on the need to regulate digital currencies”.
The G7 countries are in varying stages of implementing cryptocurrency regulation, revising existing laws, and providing more clarity to investors and companies in the space. For example, in the U.S., the top banking regulator recently revealed that new cryptocurrency regulatory measures will be introduced in a matter of weeks that will “work for everybody.” Germany began regulating the crypto industry in January and has been constantly clarifying its rules ever since. Japan, which started regulating the crypto industry back in 2017, has also been revising and adding to its rules.
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