Francois Villeroy de Galhau spoke to Reuters about the upcoming discussions on cryptocurrency regulation in the G7 countries.
Cryptocurrency Regulation Will Be Discussed at G7 Meeting
According to the article published in Reuters, the head of the Bank of France, Francois Villeroy de Galhau, said that crypto regulation will also be the focus at the G7 summit, which will be held in Germany.
Villeroy de Galhau last week TOP and LUNA He explained that this issue was added to the agenda of the G7 summit after the unprecedented volatility in the crypto market with the collapse of its tokens:
“The events of the past week were an urgent call for the need for a global regulation for this area.”
Villeroy de Galhau made this statement during the global emerging markets conference today.
G7 finance leaders have been discussing the regulation of the cryptocurrency space since the last quarter of 2020. The main focus of these discussions has so far been central bank digital currencies and stablecoins.
Collapse of UST and LUNA Tokens May Bring More Restrictions
As you know, last week Anchor Protocol (ANC) The stability of the UST pools on the UST token fell below its supposed $1 dollar price. As a result, there were huge liquidations in the cryptocurrency market and the market had a hard time.
US Treasury Secretary Janet Yellen also said in her statement that the recent stablecoin events highlight the need for a new regulatory framework for the crypto and stablecoin industry.
*Not investment advice.