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The finance ministers and central bank governors of the Group of Seven countries set aside half a day from the two-day summit to discuss cryptocurrencies. Increased attention of developed countries was attracted by the collapse of the Terra ecosystem, where the algorithm for binding the UST token to the dollar that did not work “evaporated” $ 18 billion in three days.
To these losses it is necessary to add losses from the fall by 99% of the service cryptocurrency LUNA, the size of the capitalization of which brought the asset to the top 10 rating.
The financial block of the Group of Seven wants that in the future any tokens tied to the exchange rate of national currencies are regulated according to the rules of currency turnover with unconditional fiat emission security and insurance.
These wishes were conveyed to the FSB – the Financial Stability Board, created by the G20 in 2009 to prevent a future global economic crisis. The task of this body is to prevent a repetition of the situation of 2008, when the fault of gaps in the international regulation of derivatives led to the collapse of the international financial system.
The FSB must now consider the G7 theses on the regulation of stablecoins and propose them in the form of legislative initiatives of the G20, insisting on their immediate adoption. The news turned out to be negative for the cryptocurrency market.
First, all stablecoins will have to switch to the rule of travel – the transfer of KYC / AML information with each transaction. The FSB should prescribe standards for strict reporting of security funds, as well as draw up insurance principles and determine the structure of these assets.
Standards should be the same for all jurisdictions, this can be monitored by the FATF, which will not allow startups issuing stablecoins to use offshore companies to reduce the strictness of supervision. The G7 called on the FSB to create draft legislation as soon as possible.
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