After the collapse of Terra…G7 officials discuss new crypto law this week
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Answer After the collapse of Terra…G7 officials discuss new crypto law this week
Francois Villeroy de Gallo told Reuters about the upcoming discussions on regulating cryptocurrencies in the G7 countries.
The recent dramatic events have brought to light the dark and negative side that needs to be regulated in the future of Web 3.
G7 officials meeting to discuss crypto law:
According to an article she posted,ReutersThe head of the French Central Bank revealed that crypto regulation will be the focus of the upcoming “G7” meeting in Germany.
Mr. Villeroy de Gallo highlighted that this topic has been added to the agenda amid the unparalleled turmoil in the cryptocurrency markets caused by the UST/LUNA drama last week, stating:Read:Hackers are draining $10 million a month from DeFi projects
What happened in the recent past is a wake-up call to the urgent need for global regulation.
Villeroy de Gallo made this statement yesterday, May 17, 2022, during the ongoing Global Emerging Markets Conference in Paris.
The financial chiefs of the G7 have been discussing cryptocurrency regulations regularly since the fourth quarter of 2020.
They largely went on to do so, as they discussed the prospects for central bank currencies and stablecoins.
UST and LUNA Dramas May Lead to New Restrictions:
In the past week, the number of UST pools in the Anchor Protocol (ANC) increased due to their imbalance, causing UST uncoupling and collapse of LUNA.
This has led to multibillion-dollar liquidations and wholesale market massacres.
US Treasury Secretary Janet Yellen stressed that this drama amplifies the urgent need for a new regulatory framework for crypto and stablecoins.
At the same time, US Congressional Representative Tom Emyr criticized attempts to speed up the adoption of legal regulations.Read:Securities and Exchange Commission accuses man of seizing $3.6 million in crypto
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