G7 leaders are working to address cryptocurrencies more rigorously and rigorously ahead of their next meeting, a Kyoto news agency reported.
Governments around the world are currently grappling with the challenges presented by digital currencies. In particular, the problems they are called upon to solve are related to money laundering, cybercrime and other illicit activities.
Officials said the G7 is planning to intensify discussions on the issue and hold a meeting of finance ministers and central bankers in mid-May, just days before this year’s summit in Hiroshima, which will be hosted by Japanese Prime Minister Fumio Kishida.
G7 leaders want transparency of cryptocurrencies and consumer protection
The G7 is an informal intergovernmental group that deals with international economic issues. Its seven members are representatives of the world’s largest advanced economies: Canada, France, Germany, Italy, Japan, the United Kingdom and the United States.
The G7 holds an annual summit, which serves as a platform for leaders to discuss common issues and coordinate economic policies.
Kyoto news agency reported that officials revealed the agenda for the upcoming G7 summit to establish a collaborative approach to improving transparency and safeguarding consumers in the cryptocurrency space.
Global Effort to Regulate the Crypto Market
In a coordinated effort, the International Monetary Fund (IMF), the Financial Stability Board (FSB), the Bank for International Settlements (BIS), and the Group of 20 (G20) are working to establish sound standards for digital assets.
The news was announced in February at a meeting in Bengaluru, India.
The FSB plans to present its final framework in July this year. The IMF has already published a document for national governments in February that outlines key considerations for developing comprehensive and joint cryptocurrency regulations.
Among these guidelines, there is a general agreement that digital assets should not be considered as legal tender or be known as official currency.
The FSB, IMF, BIS, and G7 are working to define a unified approach to digital asset regulation. Many stakeholders hope that these efforts will help promote greater stability and transparency in the cryptocurrency market.
It should be noted that there is still a long way to go before a comprehensive regulatory framework can be defined not only for the benefit of G7 members but also for other interested government agencies.
Meanwhile, the crypto market continues to evolve and new risks emerge. As a result, policymakers and regulators will need to remain vigilant and attentive to keep pace with these developments. The goal will be to ensure that digital assets are held to the same high standards as traditional financial instruments.
This article is originally published on it.cryptonews.com
