G7 calls for tighter regulation of digital currencies

Translated by:  MOS English Team – Mark Wen

On May 20, in the wake of Terra collapse, LUNA and UST, the stablecoins based on the design of the Terra blockchain also plummeted.  In light of chaos in the crypto-asset market, and there is an urgent need to strengthen the supervision of digital currencies.

Representations of virtual cryptocurrencies are placed on U.S. Dollar banknotes in this illustration taken November 28, 2021. (Photo Credit: REUTERS/Dado Ruvic; Photo Source: reuters.com)

The G7 Senior finance officials clearly mentioned at the meeting in Germany earlier this month that in light of the stablecoin UST plummeted and de-pegged their value to the US dollar, caused turmoil to the entire digital assets market from May 8, the G7 urged the Financial Stability Board to rapidly develop and implement consistent and comprehensive regulation.

Bank of France Governor François Villeroy de Galhau, said, “Crypto assets could disrupt the international financial system if they are not regulated, overseen and interoperable in a consistent and appropriate manner across jurisdictions.”

United States Treasury Secretary Janet Yellen reiterated her previous calls for a “consistent federal framework” on stablecoins to avoid risks to financial stability.

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Proofread and edited by:  Ann

Posted by:  Ann

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