G7 Pledged Support for 'Appropriate' Bitcoin Regulation at June Summit

Representatives at a Group of Seven (G7) meeting in Germany this June announced support for "appropriate regulation of virtual currencies".

AccessTimeIconAug 6, 2015 at 6:10 p.m. UTC
Updated Sep 11, 2021 at 11:48 a.m. UTC
10 Years of Decentralizing the Future
May 29-31, 2024 - Austin, TexasThe biggest and most established global hub for everything crypto, blockchain and Web3.Register Now

Representatives at a Group of Seven (G7) meeting in Germany this June announced support for "appropriate regulation" of virtual currencies.

A global organization comprised of the heads of state from some of the world's largest economies including Canada, France, Germany, Italy, Japan, the UK and the US, the G7 met in Bavaria on 7th and 8th June.

, the G7 is looking to oversee digital currency activity through the lens of terrorism financing, which it deemed "a major priority". Part of this process, the statement read, includes regulating emerging payment methods.

The group stated:

"We will take further actions to ensure greater transparency of all financial flows, including through an appropriate regulation of virtual currencies and other new payment methods."

The group pledged its support to the efforts of the Financial Action Task Force (FATF), which in late June recommended that digital currency exchanges be monitored and required to hold licensure prior to operation. The G7 also indicated that it would be "actively contributing" to efforts to develop and deploy oversight standards.

"We will strive to ensure an effective implementation of FATF standards, including through a robust followup process," the group said.

Image Credit: G7 Germany

Disclosure

Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by Block.one; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk employees, including journalists, may receive options in the Bullish group as part of their compensation.


Learn more about Consensus 2024, CoinDesk's longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.


Read more about