G7 to strongly support the need to regulate the cryptocurrencies

  • The Group of Seven (G7) have discussed the regulation of cryptocurrencies in a recent meeting
  • Regulation of cryptocurrencies is essential as per the members of G7
  • The finance minister of Germany, have targeted Facebook, regarding its Diem project
  • Standard Chartered, seems soon to launch its crypto token

The regulation of cryptocurrencies has remained a controversial affair. On Monday, as per the tweet from Steven Mnuchin, the Treasury Secretary of the United States, it is revealed that the finance minister and the bankers from the Group of Seven (G7) have recently discussed the need to regulate virtual assets. According to the G7 members, regulations of such assets can prevent the malicious and illicit use of cryptocurrencies. Indeed, there is a robust vote of support among the advanced economies to regulate virtual currencies.

What the G7’s official members have discussed on Monday?

According to a release from the United States Treasury Department, it’s revealed that the official financial members of G7 have discussed the measures in response to the economic crisis due to the global pandemic. The G7 official members also discussed the responses on the ever-changing landscape of the virtual currencies. However, there is strong support for the G7 crypto regulation issue, as several ministers and governors have shown strong support on the digital payments issued a couple of months back.

Financial minister of Germany targeted Facebook’s Diem

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Olaf Scholz, the Finance Minister of Germany, as the G7 meeting concluded,  striked on Facebook’s stablecoin project Diem (formerly known as Libra). The minister considered the Diem project to be a wolf in sheep’s clothing. It seems the Diem project fails to impress the German regulators. Scholz sharply worded that Germany and Europe will never accept the entry of such stablecoin into their market, as the regulatory risks are high. Additionally, he mentioned that they would try their best to make sure that the Diem tokens monopoly should remain in the hands of the United States.

Regulators engagement is soaring on crypto regulations

In recent days it was observed that several banking institutions had shown interest in the virtual currencies. This resulted in regulators to provide more engagement in regulating such currencies. Meanwhile, there are some rumors in the space, that in the coming weeks, Mnuchin will introduce cryptocurrency ruling for digital wallets. The ruling is likely a ban on using third-party wallets, and the crypto community will only use wallets that are provided by the regulated exchanges. 

Standard Chartered seems to launch its virtual currency

According to Bill Winters, the chief executive officer of Standard Chartered, the broader use of virtual currencies is inescapable. Additionally, he also mentioned that the public-private partnership is what is needed for the growth of such currencies in the market. As Winter dropped a hint, it seems like Standard Chartered will soon launch its cryptocurrency.

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Ahtesham Anishttp://www.thecoinrepublic.com
Ahtesham Anis is a Computer Science undergrad student currently based out of India. Coming from the business background and his keen interest in Cryptocurrency and Blockchain technology is what Ahtesham brings to the table. He is always an eager learner when it comes to exploring the new technologies and topics in the crypto world.

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