G-7 Countries Discuss Significance of Regulating Crypto Assets
Cryptocurrencies dominated the meeting table during the latest G-7 members meeting.
G7 Nations Keen on Adopting Crypto Regulations
The tremendous rise of cryptocurrencies, especially bitcoin (BTC) has been one of the few silver linings of an otherwise unfortunate year. Unsurprisingly enough, this popularity of cryptocurrencies is being keenly observed by world governments.
In a recent G-7 member nations meeting, digital currencies regulation was one of the topics that dominated the dialogue among the countries. The meeting concluded that the crypto-assets space has a significant need for regulations.
According to an announcement by the U.S. Department of the Treasury, Secretary Steven T. Mnuchin hosted a discussion with Finance Ministers and Central Bank Governors from Canada, France, Germany, Italy, Japan, the U.K., the European Commission, and the Eurogroup. The discussion was also joined by the respective heads of the IMF, World Bank, and Financial Stability Board.
The announcement states that in addition to discussing COVID-19 and economic issues, the meeting “also discussed ongoing 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.”
“There is strong support across the G-7 on the need to regulate digital currencies. Ministers and Governors reiterated support for the G-7 joint statement on digital payments issued in October,” the statement reads.
Mnuchin tweeted the development:
Regulators Keeping a Close Eye on Crypto Space
As mentioned earlier, crypto regulations have come a long way in 2020. From several publicly-listed companies adding bitcoin (BTC) to their balance sheets to crypto taxation, things seem to be clearing up the world regarding the ambiguous crypto regulations space.
In October this year, BTCManager reported that U.K. financial regulator, the Financial Conduct Authority (FCA) had officially prohibited the sale of crypto derivatives and exchange-traded notes (ETNs) to retail consumers in the U.K.
Elsewhere, in Asia, Pakistan recently became the latest country to legalize cryptocurrencies in a move that hints towards its digitization ambitions. Conversely, its neighbor India is reportedly again considering making life tough for crypto enthusiasts.