Finance leaders of the world’s leading economies are strongly considering crypto assets regulation.
U.S. Treasury Secretary, Steven T. Mnuchin disclosed his counterparts, comprising of central bank governors and finance ministers from G7 countries that include, Germany, Italy, Japan, United States, Canada, France, and the United Kingdom – expressed their strong commitment to the regulation of digital assets and other cryptos during its most recent meeting chaired by Mnuchin.
The press release as seen on the web page of the U.S Treasury department highlighted the importance of regulating cryptocurrencies and other digital tokens in curtailing bad actors and criminals taking advantage of its unique features.
The Ministers and Governors discussed domestic and international economic responses underway and strategies to achieve a robust recovery throughout the global economy.
They 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.
The Ministers and Governors reiterated support for the G7 joint statement on digital payments issued in October.
Recall a few months back, Nairametrics revealed how the European Commission had designed a new Digital Finance framework including Digital Finance and Retail Payments Strategies and legislative proposals on crypto-assets and digital resilience.
The European Commission is paying special attention to developing a regulatory framework that will support the digitization of assets through tokenization and also smart contracts.
Why is it happening now? It plans to give investors, consumers, traders’ choice and opportunities in modern payments and financial services while at the same time ensuring consumer protection and financial stability.