The Group of Seven means seven major industrial countries (Canada, France, Germany, Italy, Japan, the United Kingdom and the United States of America). This group was established in 1976. Representatives of these member countries meet several times a year to discuss economic policies.

Leading developed countries have expressed their strong support for the need to regulate the cryptocurrency market, as US Treasury spokesman Steven Mnuchin said yesterday.

Finance ministers from the Group of Seven countries, in addition to the heads of the International Monetary Fund, the World Bank and the Financial Stability Board, met yesterday to discuss a range of issues, chief among them:

The epidemic, economic conditions, and to control cryptocurrencies, frankly.

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Tell Manuchin:

Ministers and Governors renewed their support for the G7 Joint Statement on Digital Payments issued in October.

A summary of the statement issued on October 13, which Mnuchin spoke about, came as follows:

Digital payment services must be properly supervised and regulated to meet the challenges and risks related to financial stability.

Although the G7 said that digital payments, which it defines as those alternatives to payment systems that deal with fiat currencies, have the “potential” to facilitate faster and cheaper access to payments, they can be dangerous if the risks are not contained.

Most importantly, the G7 noted that the public sector used to control the money supply to ensure the safety and efficiency of payment systems, financial stability, and the achievement of macroeconomic goals.

While cryptocurrencies lie outside their jurisdiction unless they are regulated, due to the nature of decentralized cryptocurrency work whose projects are often run by institutions and private entities such as the digital stablecoin “Tether” or the awaited Facebook currency “Diem” (formerly known as “Libra”).

In the same context, the systemic risks that stable digital currencies pose to traditional financial systems in the United States were highlighted, which was co-sponsored by Congresswoman Rashida Tlaib.

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A bill prepared in the USA seeks to compel stablecoin issuers to seek federal approval, including Federal Reserve approval and bank license registration, before they can begin trading cryptocurrencies.

While the G7 is interested in stablecoins, it is interested in state-run rather than private initiatives, such as CBDCs, which it believes can help keep central banks moving and keep pace with the times.

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