It appears that central bank governors and finance ministers from the Group of Seven, or G7, are scheduled to discuss cryptocurrency regulation.
According to a Tuesday report from Reuters, Bank of France Governor François Villeroy de Galhau said representatives from the United States, Canada, Japan, Germany, France, Italy and the United Kingdom were likely to speak on issues related to a framework. regulation for cryptocurrencies at a meeting in the German cities of Bonn and Königswinter starting on Wednesday. Villeroy said that recent crypto market volatility – likely referring to the de-pegging of some stablecoins from the US dollar and falling prices of major tokens – had been a “wake-up call” for global regulators.
“Europe paved the way with the MiCA”, Villeroy said at a conference on emerging markets in Paris, referring to legislation from the European Parliament aimed at forming a regulatory framework on cryptocurrencies. “Probably […] We will discuss these issues, among many others, at the G7 meeting in Germany this week.”
The governor of the Bank of France added in a speech at the Emerging Markets Forum in Paris on Tuesday:
“Crypto assets could disrupt the international financial system if they are not consistently and adequately regulated, supervised and interoperated across jurisdictions.”
According to the G7 website, finance ministers and central bank governors will meet in Germany from May 18-20 to discuss policies related to member countries’ recovery and financial stability due to the COVID pandemic. -19, the “shaping of the next transformation processes in the context of digitization and climate neutrality” and the business policy of the International Monetary Fund. The group issued guidelines around the possible launch of central bank digital currencies in 2021, and reportedly warned that certain stablecoins could threaten the global financial system in 2019.
Villeroy has previously urged EU officials to develop a regulatory framework given the growing role of cryptocurrencies in regional markets, saying they only had “a year or two” to act. Before his election victory in France, Emmanuel Macron said he supported the European Parliament’s recent efforts to regulate cryptocurrencies – including the MiCA – adding that any regulation should not hinder innovation.
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