The G7 countries are expected to support crypto regulation as calls for the same grow louder.
According to a recent report, the G7 countries seek to meet in May to discuss, amongst other issues, a cooperative strategy for crypto regulation worldwide. The support for its regulation has been growing for some time. With the crypto industry facing a few setbacks in the form of the failure of major cryptocurrency firms, a definite global regulation for digital assets is expected to help the crypto space positively. The crypto industry has also lent its support to transparent crypto regulation.
The upcoming G7 summit, to be held in Hiroshima, will witness leaders from Canada, France, Germany, the European Union, Japan, the United States, and the United Kingdom coming together for further deliberations on the subject. While each one of the countries follows different strategies for crypto regulation, a common approach taken by the G7 would help carve an inclusive growth path for the global crypto industry with regulated adoption.
While global financial institutions and regulatory authorities like the Financial Stability Board and the International Monetary Fund hold different views regarding the this industry, all have recognized that its regulation should be one of the top agendas for regulators worldwide. Countries and central banks have also been busy developing their own central bank digital currencies for use.
The G20 group of finance ministers and central bankers are also scheduled to meet in Washington in April, where the issue of cryptocurrency regulation is reportedly supposed to come up. The G20 has also made separate efforts to reach a common understanding to regulate digital assets.