French Central Banker Says G7 Plans to Discuss Crypto Regulations

The Group of Seven (G7) is likely to discuss cryptocurrency regulation at a financial meeting this week in Germany. Francois Villeroy de Galhau, head of France's central bank, added that past events show that global regulation is urgently needed. He said this during a conference on emerging markets in Paris:

"Europe has paved the way with MICA (regulatory framework for crypto assets) and we will likely...discuss these and many other issues at the G7 meeting in Germany this week."

With these remarks, he was referring to the recent volatility in the crypto market, which caused the crypto market to drop sharply in value. Currently, the crypto market is valued at $1.29 trillion.

Increasing efforts to regulate cryptocurrencies

This news comes as the G7, made up of Canada, France, Germany, Italy, Japan, the United Kingdom and the United States, continues to seek to regulate the crypto market.

In December 2020, G7 ministers called for increased regulatory oversight for cryptocurrencies as the sector becomes more embraced by both retail and institutional investors. At the time, the G7 said:

“The G7 agree that digital currencies need to be regulated. Ministers and Governors reiterated their support for the G7 joint statement on digital payments released in October.”

Shortly thereafter, Japan urged other G7 members to introduce similar crypto regulations. The head of the Bank of Japan's (BoJ) payments systems department, Kazushige Kamiyama, said using stablecoins would make it easier to create individual global settlement systems.

Kamiyama added that such changes would make it easier for countries to bypass traditional and regulated payment systems that use the US dollar, euro or yen for settlement.

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