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During the global conference on emerging markets, the head of the Bank of France, Francois Villeroy de Gallo, spoke about the upcoming debate of the G7 countries on the regulation of cryptocurrencies in Germany, which will be held this week.
On May 17, the official stressed that the issue was added to the agenda amid unprecedented turbulence in cryptocurrency markets caused by the collapse of UST/LUNA last week:
What has happened in the recent past is a wake-up call for global regulation.
In fact, G7 financial executives began discussing cryptocurrency regulation from the fourth quarter of 2020, betting on the prospects for CBDCs and stablecoins.
The sad events surrounding the UST and the collapse of Terra (LUNA) led to multibillion-dollar liquidations and a market downturn.
U.S. Treasury Secretary Janet Yellen also stressed that this drama has reinforced the need for a new regulatory framework for cryptocurrencies and stablecoins.
#week #countries #discuss #regulation #cryptocurrencies
