G7 Finance Ministers Strongly Support Regulating Digital Currencies


Central bankers and finance ministers from the Group of Seven (G7) advanced economies have “strong support” on the need to regulate digital currencies. The U.S. Treasury Department in a statement after a virtual meeting of the officials on Monday. Steven Mnuchin, the current US Treasury Secretary, tweeted,

“Productive #G7 call this morning. We discussed the effective actions in response to COVID19, strategies to achieve a robust recovery, and cryptocurrencies.”

The official discussed domestic and international responses to achieve a robust global recovery along with the 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 statement reads.

Facebook’s stablecoin Diem (renamed from Libra just last week), in a statement after the video conference, German Finance Minister Olaf Scholz said it would take more than renaming the cryptocurrency to address regulators' concerns regarding its launch in Germany and Europe. He added,

“A wolf in sheep’s clothing is still a wolf.”

“It is clear to me that Germany and Europe cannot and will not accept its entry into the market while the regulatory risks are not adequately addressed.”

“We must do everything possible to make sure the currency monopoly remains in the hands of states.”

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