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".
:format(jpg)/cloudfront-us-east-1.images.arcpublishing.com/coindesk/OFX2WZRFLVC5XPSIDCAWFAJZEU.jpg)
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 G7Â 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:
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.
The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.
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.