While Bitcoin was trading above $30,000 again, a statement came from the finance ministers of the G7 countries.
According to the news of Reuteurs, the G7 countries gathered in Germany from the Financial Stability Board cryptocurrency urged him to act more quickly on his regulations.
The report underlined the need to act quickly, drawing attention to the recent collapse and victimization in TerraUSD and Luna.
Finance Ministers and Central Bankers used the following statements in the related report:
“In light of the recent turmoil in the crypto-asset market, the G7 calls on the FSB (Financial Stability Board) to advance the rapid development and implementation of coherent and comprehensive regulation.”
The FSB was established in 2008, which was called into action by the Board. The Basel-based international organization is responsible for establishing financial norms. The board announced in October this year that it would present a report on global stablecoin regulation.
This call today may cause the FSB to move faster.
After TerraUSD lost its peg to $1, it seems that calls for regulation in the cryptocurrency markets have increased. US Treasury Secretary Janet Yellen and SEC Chairman Gary Gensler underlined that legal regulations regarding cryptocurrencies should be enacted within this year in the statements they made in the past days.