- G7 opened to reglating crypto globally
- G7 show support for crypto previously, harsh on stablecoins
The G7 countries, an international organization of leading economies in the world through their finance leaders, have opened conversations on how crypto regulations across the globe should be handled.
They all at the meeting expressed strong support for the need for crypto regulation and other digital assets at the 12th G7 meeting headed by Steve Mnuchin, US Treasury Secretary.
The world power nations also talked about how countries are responding to the evolving digital asset as well as how countries try to stop these assets from being used for illegal activities.
However, in their recent meeting, the G7 did not talk about how or what steps are going to be taken towards crypto regulation, the world leaders only expressed support for its regulation spoke on other matters.
G7 to go easy with crypto regulations
Despite the G7 move to regulate crypto, they are not expected to be harsh with their regulation of the digital assets. Previously in their meetings, they expressed support for crypto, highlighting the assets potential to provide a faster and cheaper way to move money and make payments.
The G7 then also highlighted the fact that crypto was able to serve the several billion unbanked people around the world and those who lack access to good financial services.
Amidst the G7 support for cryptocurrencies, they are opposed to the development of stablecoins. The claim it is has to be closely scrutinized.
G7 stance on stablecoins
Since October, the G7 have expressed their displeasure about stablecoins. They released a report that tokens pegged to traditional assets must be closely scrutinized and regulated.
They state that the project should only operate after legal, regulatory and oversight challenges and risks are adequately addressed. They state further that when such risks are addressed, it still does not necessarily mean a guarantee for the approval of the project.
The crypto community and the world await to see what next and how the G7 would handle crypto regulations and stablecoin eventually.
