G7 Looking to Regulate Crypto With Immediate Effect

The crypto world or ecosystem hasn’t been the same since the crash of LUNA and UST as coins are still struggling to get back on their feet, Bitcoin still struggling with the price range of $29k and $30k, and also causing a disturbance in the regulatory landscape in the crypto industry. It has also drawn the attention of top world financial leaders in different countries and when I say top world I mean the G7.

The G7 countries Canada, France, Italy, Germany, United States, United Kingdom and Japan have all called for the regulation of cryptocurrency as soon as possible. During the G7 meeting in Germany, part of the main topic discussed was the crash of crypto, especially the Terra LUNA which caused billions of dollars to be wiped out and if we should exaggerate, over $300 billion in market capitalization crashed in the crypto world.

They have concluded that with that cause, a cryptocurrency needs to be regulated now more than ever and it needs to happen immediately I know the regulation-hating crypto bulls will be unhappy to hear about this.

If you remember earlier this week, François Villeroy de Galhau, the Governor of the Bank of France said in the emerging market event that: "Crypto-assets could disrupt the international financial system if they are not regulated now more than ever, overseen and interoperable in a consistent and appropriate manner across jurisdictions. We will probably discuss these issues among many others at the G7 meeting that is to be held in Germany this week."

So many people have been with the idea that crypto presents a risk to the financial system and it needs to be regulated or stopped. If you remember last year when SEC chairman Gary Gensler, warns that crypto won’t survive another 10 years if it isn’t regulated, and Janet Yellen the US Treasury Secretary also proposed more regulations especially on stablecoins because she believes it presents more risk to the financial system.

Posted Using LeoFinance ^Beta