French central banker says G7 will address crypto regulation

According to Reuters, the director of the French central bank said that crypto regulation will be a focal point at the forthcoming G7 summit in Germany.

French central banker says G7 will address crypto regulation

Francois Villeroy de Galhau informed Reuters about impending G7 discussions on bitcoin legislation. Recent tragic incidents have highlighted the critical role of regulation in Web3.

Mr. Villeroy de Galhau stated that this topic was introduced to the agenda as a result of the unprecedented turmoil in crypto markets triggered by the UST/LUNA controversy last week. He stated that recent events are a wake-up call to the critical need for global regulation.

Since the fourth quarter of 2020, the G7 finance ministers have been meeting on a regular basis to discuss cryptocurrency legislation. They mostly discussed the potential of CBDCs and stablecoins.

Last week, UST pools in Anchor Protocol (ANC) were imbalanced, resulting in UST de-pegging and the failure of Terra (LUNA). It led to multibillion-dollar liquidations and market devastation.

According to recent reports, U.S. Treasury Secretary Janet Yellen stated that this event highlighted the critical need for a new regulatory framework for crypto and stablecoins.

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