The G7 finance ministers, meeting a week ago in Germany, reportedly discussed many topics, including the regulation of cryptocurrencies. This is how they intend to avoid a Terra bis scenario in the future.
Fast and Comprehensive Crypto Regulation
Following the collapse of the UST and LUNA, the big moneymakers of the world, representing the famous G7, decided to regulate cryptocurrencies diligently. More details about this initiative can be found in a Reuters press release.
Interviewed by Cointelegraph, François Villeroy de Galhau, Governor of the Banque de France, said that:
” Crypto-assets could disrupt the international financial system if not consistently and appropriately regulated, monitored, and interoperable across jurisdictions. We will probably […] discuss these and many other issues at the G7 meeting in Germany this week. »
Learning lessons from the Terra crash
So crypto regulation was added to the agenda of this G7 meeting in Germany? As a reminder, the G7 consists of the United States, Canada, Japan, France, Italy, Germany and the United Kingdom. During this last meeting, they discussed in particular the closure of a new round of funding to cover the Ukrainian budget for this quarter.
Terra’s collapse certainly had something to do with it. Indeed, this has swallowed up over $300 billion in market capitalization in the cryptocurrency industry. Many called for more crypto regulation right after this crash.
Janet Yellen, US Treasury Secretary, used a congressional hearing to say that:
” [Les stablecoins] pose a risk to the financial system. »
It has, once again, called for greater regulation.
Recently, SEC Chairman Gary Gensler also said that cryptocurrencies will not survive ten more years without regulation.
Same story with SEC Commissioner Hester Peirce, who noted that the events of the past week are likely to encourage Congress to work more quickly on the regulation of cryptocurrencies.
Industry players have been calling for crypto regulation for a long time. No one listened. Fortunately, Terra’s crash resonated loudly, and impacted on a planetary scale, to the point of disturbing the G7.
Source : CoinMarketCap
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Mikaia ANDRIAMAHAZOARIMANANA
The blockchain and crypto revolution is underway! And the day when the impacts will be felt on the most vulnerable economy of this World, against all hope, I will say that I had something to do with it
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