{"id":4324,"date":"2022-05-21T21:18:38","date_gmt":"2022-05-21T21:18:38","guid":{"rendered":"https:\/\/www.cryptoheretostay.com\/?p=4324"},"modified":"2022-05-21T21:18:39","modified_gmt":"2022-05-21T21:18:39","slug":"g7-says-crypto-regulation-must-be-swift-and-comprehensive","status":"publish","type":"post","link":"https:\/\/cryptoheretostay.com\/?p=4324","title":{"rendered":"G7 says crypto regulation must be swift and comprehensive"},"content":{"rendered":"<p> <script type=\"text\/javascript\">\r\namzn_assoc_placement = \"adunit0\";\r\namzn_assoc_tracking_id = \"totafreearti-20\";\r\namzn_assoc_ad_mode = \"search\";\r\namzn_assoc_ad_type = \"smart\";\r\namzn_assoc_marketplace = \"amazon\";\r\namzn_assoc_region = \"US\";\r\namzn_assoc_default_search_phrase = \"crypto\";\r\namzn_assoc_default_category = \"All\";\r\namzn_assoc_search_bar = \"false\";\r\namzn_assoc_title = \"\";\r\namzn_assoc_rows =\"1\";\r\n<\/script>\r\n<script src=\"\/\/z-na.amazon-adsystem.com\/widgets\/onejs?MarketPlace=US\"><\/script><br \/>\n<\/p>\n<p>Finance Ministers and Central Bank Governors from the G7 met last week to discuss global economic conditions, including cryptocurrency.<\/p>\n<p>The committee was joined by Heads of the International Monetary Fund, World Bank Group, Organisation for Economic Cooperation and Development, and Financial Stability Board, some of which have been anti-crypto in their stance.<\/p>\n<p>The report states that the G7 is working alongside the FSB to \u201cmonitor and address financial stability risks arising from all forms of crypto-assets.\u201d It cites the recent market downturn in crypto markets as a rationale to:<\/p>\n<p>\u201cadvance the swift development and implementation of consistent and comprehensive regulation of crypto-asset issuers and service providers, with a view to holding crypto-assets, including stablecoins, to the same standards as the rest of the financial system.\u201d<\/p>\n<p>No reference to the 20% decline in the Dow Jones is made in correlation to the crypto market\u2019s decline. Interestingly, a drawdown in crypto means that further regulation is required in a \u201cswift\u201d manner.<\/p>\n<p>However, the traditional markets are supposedly efficient and sufficiently regulated. While proper regulation is likely needed within the young crypto industry, it is also important to consider and accept the nuances of blockchain protocols.<\/p>\n<p>Traditional rules and regulations have been designed for the physical world and may not apply to the complex nature of DeFi, GameFi, and other digital financial assets. To say that the development of crypto regulation must be completed in a \u201cswift\u201d and \u201crapid\u201d manner raises the question of whether this regulation will be thorough and supportive of innovation. Encouragingly, the report does indicate that stablecoin regulation must:<\/p>\n<p>\u201cadequately addresses relevant legal, regulatory and oversight requirements through appropriate design and by adhering to applicable standards.\u201d<\/p>\n<p>It further states that \u201cdigital innovation in payments is a key driver of economic progress and development, notably through faster, cheaper, more transparent and more inclusive cross-border payment services.\u201d<\/p>\n<p>However, the next section of the report does not focus on the crypto markets at large. Instead, it asses the feasibility and implementation of Central Bank Digital Currencies which it believes must \u201cshould be grounded in transparency.\u201d It highlights that CBDCs, not existing cryptocurrencies, could be the solution to cross-border payments and innovation.<\/p>\n<p>\u201cCBDCs with cross-border functionality may have the potential to spur innovation and open up new ways to meet users\u2019 demand for more efficient international payments.\u201d<\/p>\n<p>Numerous potential solutions exist, including Bitcoin\u2019s Lightning Network, Ethereum Layer 2 solutions, and many other layer-1 blockchains that can manage, process, and settle international payments within seconds with minimal fees. However, these projects are public, open-source, and decentralized.<\/p>\n<p>They are not subject to the same laws and jurisdictions as CBDCs. The G7 believes that the control of the financial system must remain within their remit. With global inflation over 6% and GDP dropping month on month, some will question whether it is time to change and a move towards decentralization.<\/p>\n<h2>Get an Edge on the Crypto Market \ud83d\udc47<\/h2>\n<p>Become a member of CryptoSlate Edge and access our exclusive Discord community, more exclusive content and analysis.<\/p>\n<p>  <strong>On-chain analysis<\/strong><\/p>\n<p>  <strong>Price snapshots<\/strong><\/p>\n<p>  <strong>More context<\/strong><\/p>\n<p> Join now for $19\/month Explore all benefits<br \/>\n<br \/><script type=\"text\/javascript\">\r\namzn_assoc_placement = \"adunit0\";\r\namzn_assoc_tracking_id = \"totafreearti-20\";\r\namzn_assoc_ad_mode = \"search\";\r\namzn_assoc_ad_type = \"smart\";\r\namzn_assoc_marketplace = \"amazon\";\r\namzn_assoc_region = \"US\";\r\namzn_assoc_default_search_phrase = \"bitcoin\";\r\namzn_assoc_default_category = \"All\";\r\namzn_assoc_search_bar = \"false\";\r\namzn_assoc_title = \"\";\r\namzn_assoc_rows =\"1\";\r\n<\/script>\r\n<script src=\"\/\/z-na.amazon-adsystem.com\/widgets\/onejs?MarketPlace=US\"><\/script><br \/>\n<br \/><a href=\"https:\/\/cryptoslate.com\/g7-says-crypto-regulation-must-be-swift-and-comprehensive\/\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Finance Ministers and Central Bank Governors from the G7 met last week to discuss global economic conditions, including cryptocurrency. The committee was joined by Heads of the International Monetary Fund, World Bank Group, Organisation for Economic Cooperation and Development, and Financial Stability Board, some of which have been anti-crypto in their stance. The report states [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":4325,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":"","_wp_rev_ctl_limit":""},"categories":[3],"tags":[],"class_list":["post-4324","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-ethereum-news"],"_links":{"self":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts\/4324","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=4324"}],"version-history":[{"count":1,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts\/4324\/revisions"}],"predecessor-version":[{"id":4326,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts\/4324\/revisions\/4326"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/media\/4325"}],"wp:attachment":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=4324"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=4324"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=4324"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}