G-7 to urge immediate crypto regulation after the collapse of terraUSD

According to Reuters, following the collapse of the terraUSD stable coin last week, finance ministers from the Group of Seven (G-7) large developed economies are expected to call for swift global crypto rules. “In light …

According to Reuters, following the collapse of the terraUSD stable coin last week, finance ministers from the Group of Seven (G-7) large developed economies are expected to call for swift global crypto rules.

G-7 Finance Ministers


“In light of recent turmoil in the crypto-asset market, the G7 urges the FSB (Financial Stability Board) to speed the development and implementation of accurate and effective regulation,” the ministers stated in a draft communique reported by Reuters.

The FSB, a Basel-based international organization responsible for many post-2008 financial regulations, had previously promised a report on global stable coin regulation, supervision, and monitoring in October of this year.

Leave a Comment