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Global financial regulators from the Group of Seven, or G7, are reportedly planning to discuss the regulation of cryptocurrencies following the Terra debacle.
Recent Crypto Market Volatility is a Wake-Up Call for Global Regulators, says Bank of France Governor
According to a report from Reuters, Bank of France Governor François Villeroy de Galhau stated that representatives from the United States, Canada, Japan, Germany, France, Italy, and the United Kingdom will discuss on the regulation of crypto-assets at a meeting in Germany's cities of Bonn and Königswinter starting on Wednesday.
“What happened in the recent past is a wake-up call for the urgent need for global regulation,” Villeroy told an emerging markets conference in Paris, referring to the recent turbulence in crypto markets triggered by the Terra crash. “Europe paved the way with MICA (regulatory framework for crypto-assets), we will probably discuss these issues among many others at the G7 meeting in Germany this week,” he added.
UK and US Considering Stablecoin Regulation
As reported by Cryptoknowmics, Her Majesty’s Treasury, the UK Treasury Department is considering to regulate stablecoin payments based on financial regulation outlined in the Queen’s speech on May 10, 2022. US lawmakers also called for the urgent regulation of stablecoins last week following Terra’s demise. However, Treasury Secretary Janet Yellen believes that stablecoins are currently not a real threat to the country’s financial stability.