Global Financial Regulators to Discuss Cryptocurrency at G7 Summit

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Coinmonks

2 min readMay 18, 2022

Central bank governors and finance ministers from the G7, or G7, plan to discuss the regulation of cryptocurrencies.

The head of the Bank of France, François Villeroy de Galo, said that representatives of the United States, Canada, Japan, Germany, France, Italy and the United Kingdom are likely to speak on issues related to the regulatory framework for cryptocurrencies at meetings in the German cities of Bonn and Königswinter. starting Wednesday. Villeroy said the recent volatility in the cryptocurrency market, likely related to the depegging of some stablecoins to the US dollar and falling prices for major tokens, was a “wake-up call” for global regulators.

“Europe paved the way with MiCA,” Villeroy said at an emerging markets conference in Paris, referring to European Parliament legislation aimed at shaping the regulatory framework for cryptocurrencies. “Perhaps […] we will discuss these issues among many others at the G7 meeting in Germany this week.”

In his speech at the Emerging Markets Forum in Paris, the governor of the Banque de France added:

“Crypto assets have the potential to disrupt the international financial system if they are not regulated, monitored and compatible with each other in a consistent and appropriate manner across jurisdictions.”

According to the G7 website, finance ministers and central bankers will meet in Germany from May 18 to 20 to discuss policies related to the recovery and financial stability of the G7 member states in the wake of the COVID-19 pandemic, “shaping the upcoming transformation processes in context of digitalization and climate neutrality”, as well as the business policy of the International Monetary Fund. The group issued recommendations on the possible adoption of central bank digital currencies in 2021 and reportedly warned as early as 2019 that certain stablecoins could threaten the global financial system.

Villeroy has previously urged EU officials to develop a regulatory framework given the growing role of cryptocurrencies in regional markets, saying they only have “one or two years” to act. Before his victory in the French elections, Emmanuel Macron said he supported the European Parliament’s recent efforts to regulate cryptocurrencies, including MiCA, adding that any rules should not hinder innovation.

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Global Financial Regulators to Discuss Cryptocurrency at G7 Summit

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Written by uncle Fibonacci