This week the G7 finance ministers discussed regulatory responses to emerging crypto and digital assets. The meeting included G7 central bank Governors and heads of the Financial Stability Board, the IMF, and World Bank. It was hosted by U.S. Treasury Secretary Steven T. Mnuchin and also covered COVID-19 measures.
Crypto and digital assets, particularly the announcement of Diem (formerly Libra), have had a significant impact on the global stage. Central banks have accelerated research around central bank digital currencies (CBDC). And regulators and governments around the world are hurrying to adopt appropriate regulations before its issuance.
As reported by Reuters, after the meeting, German Finance Minister Olaf Sholz said of Libra’s rebranding to Diem, “A wolf in sheep’s clothing is still a wolf. It is clear to me that Germany and Europe cannot and will not accept its entry into the market while the regulatory risks are not adequately addressed.” He added, “We must do everything possible to make sure the currency monopoly remains in the hands of the states.”
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