Shorter Reads

G7 finance officials back need to regulate digital currencies

1 minute read

Published 9 December 2020

Share

Key information

On 7 December, finance officials from the G7 (Group of Seven) advanced economies met for their 12th meeting, in relation to the COVID-19 pandemic.  Amongst discussing domestic and international economic responses to the COVID-19 pandemic, one thing to come out of the meeting was that the finance ministers and central bankers confirmed that they strongly support the need to regulate digital currencies.

The Treasury reported that the G7 finance officials discussed ongoing responses to “the evolving landscape of crypto assets and other digital assets and national authorities’ work to prevent their use for malign purposes and illicit activities.” They confirmed that there is strong support across the G7 on the need to regulate digital currencies.

In October the G7 officials issued a joint statement on digital payments which said that digital payments could improve access to financial services and cut inefficiencies and costs. The finance officials reiterated their support for this joint statement in their meeting on 7 December.

After the meeting, the German Finance Minister, Olaf Scholz, issued a statement outlining his concerns about the launch of Facebook’s Diem cryptocurrency (previously named Libra) in Europe and whether it should be authorised. He said “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.” Diem is set to launch as early as January 2021, which is reportedly to be a single coin backed one-for-one by the dollar.

https://uk.reuters.com/article/uk-g7-digital/g7-finance-officials-back-need-to-regulate-digital-currencies-treasury-idUKKBN28H1Z0

Related latest updates
PREV NEXT

Arrow Back to Insights

Shorter Reads

G7 finance officials back need to regulate digital currencies

Published 9 December 2020

Associated sectors / services

On 7 December, finance officials from the G7 (Group of Seven) advanced economies met for their 12th meeting, in relation to the COVID-19 pandemic.  Amongst discussing domestic and international economic responses to the COVID-19 pandemic, one thing to come out of the meeting was that the finance ministers and central bankers confirmed that they strongly support the need to regulate digital currencies.

The Treasury reported that the G7 finance officials discussed ongoing responses to “the evolving landscape of crypto assets and other digital assets and national authorities’ work to prevent their use for malign purposes and illicit activities.” They confirmed that there is strong support across the G7 on the need to regulate digital currencies.

In October the G7 officials issued a joint statement on digital payments which said that digital payments could improve access to financial services and cut inefficiencies and costs. The finance officials reiterated their support for this joint statement in their meeting on 7 December.

After the meeting, the German Finance Minister, Olaf Scholz, issued a statement outlining his concerns about the launch of Facebook’s Diem cryptocurrency (previously named Libra) in Europe and whether it should be authorised. He said “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.” Diem is set to launch as early as January 2021, which is reportedly to be a single coin backed one-for-one by the dollar.

https://uk.reuters.com/article/uk-g7-digital/g7-finance-officials-back-need-to-regulate-digital-currencies-treasury-idUKKBN28H1Z0

Associated sectors / services

Need some more information? Make an enquiry below.

    Subscribe

    Please add your details and your areas of interest below

    Specialist sectors:

    Legal services:

    Other information:

    Jurisdictions of interest to you (other than UK):

    Enjoy reading our articles? why not subscribe to notifications so you’ll never miss one?

    Subscribe to our articles

    Message us on WhatsApp (calling not available)

    Please note that Collyer Bristow provides this service during office hours for general information and enquiries only and that no legal or other professional advice will be provided over the WhatsApp platform. Please also note that if you choose to use this platform your personal data is likely to be processed outside the UK and EEA, including in the US. Appropriate legal or other professional opinion should be taken before taking or omitting to take any action in respect of any specific problem. Collyer Bristow LLP accepts no liability for any loss or damage which may arise from reliance on information provided. All information will be deleted immediately upon completion of a conversation.

    I accept Close

    Close
    Scroll up
    ExpandNeed some help?Toggle

    < Back to menu

    I have an issue and need your help

    Scroll to see our A-Z list of expertise

    Get in touch

    Get in touch using our form below.



      Business Close
      Private Wealth Close
      Hot Topics Close