G7 to take closer look at cryptocurrencies

A forthcoming meeting of the intergovernmental G7 forum is set to finally broach the subject of crypto regulation on global terms.

Calls for global regulation of cryptocurrencies have been frequent in recent years. As the risk for global economies grows, including the recent crash of the Terra Luna token, leading financial centers around the world want to make sure that the crypto industry is in check.

This would take the combined efforts of Canada, Japan, Germany, France, Italy, the UK, and the US.

Recent crypto market volatility is just one of the pressing reasons why Bank of France governor François Villeroy de Galhau wants to see more joint action on the matter.

Another reason is fears that Russia may use cryptocurrencies to undermine sanctions – something that has been discussed at length.

Villeroy brought up the recent crash of stablecoins that were pegged to the value of US dollars but ended up costing nothing, sinking fiat money with it. “Crypto assets could disrupt the international financial system if they are not regulated, overseen and interoperable in a consistent and appropriate manner across jurisdictions”, he said.

These concerns are shared by other global regulators and financial bodies, including the US Federal Reserve and the European Central Bank which are all scurrying to create a framework.

In the meantime, you need not worry about regulation as you can just use your crypto on popular pastimes, such as 1xBit, Bitcasino or FortuneJack casino.

Source

Updated: 05/18/2022 — 19:00