G7 countries: digital currency regulation needs to be introduced

Central bank governors and finance ministers from the G7 countries discussed this MondayThe problem of cryptocurrency regulation.Virtual meeting was gathered by U.S. Treasury Secretary Steven Mnuchin.Representatives from Canada, France, Germany, Italy, Japan, the United Kingdom, the European Commission, the International Monetary Fund, the World Bank and the Financial Stability Board attended.

According to the U.S. Treasury Department, the main topic of the meeting was the pandemic of coronavirus, but the participants also took time to consider some other issues.Thus, the question was raised to respond to the development of "space of crypto assets and other digital assets, including the work of national authorities to prevent their use in illegal activities."

The U.S. Treasury Department notes that the G7 representatives share a view about the need to regulate digital currencies.

"Ministers and managers reaffirmed support for the G7 joint statement on digital payments, which was released in October"The agency writes.

The October 13 report stated that digital payment service providers "should be subject to the necessary oversightregulation to meet the challenges and risks associated with financial stability."The G7 acknowledged that payment systems "have the potential" to make payments more affordable, speed and cheaper, but can at the same timecarry threats if they are not controlled.

In addition, the G7 stressed that it was the public sector thatresponsibility for the operation of the money circulation, as it allows to guarantee "security and efficiency of payment systems, financial stability and achieve macroeconomic goals."

Cryptocurrencies, in their opinion, threaten the state currency sovereignty, so they shouldIn particular, such statements have been made repeatedly about The Libra, recently renamed Diem.

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