The Strategist

G7 countries note the need to regulate cryptocurrencies

12/08/2020 - 05:27

G7 noted the need to regulate the use of digital currencies, according to a statement by the finance ministers and central bank governors of the group's countries on the US Treasury website.
At the meeting, G7 finance ministers and central bank governors discussed measures and strategies to achieve a sustainable global economic recovery from the crisis caused by the coronavirus pandemic. 

They also discussed current responses to the use of digital assets, as well as the authorities' work to prevent use in illegal activities.

"The G7 has strong support for the need to regulate digital currencies," says the message.

The US Treasury Department adds that ministers and managers have confirmed support for the G7 joint statement on digital payments issued in October. Back then, countries were already concerned about the growing threat of cyberattacks for ransom in the coronavirus situation.

It stated that such cyberattacks often use cryptographic payments and that such actions threaten the normal functioning of the collective security system.