Shiba Inu (SHIB), Bitcoin (BTC), Ethereum (ETH) and other cryptocurrencies entered the agenda of the G7 meeting due to the LUNA collapse that shook the cryptocurrency market. Francois Villeroy de Galhau, Governor of the French Central Bank, briefed on the upcoming discussions regarding cryptocurrency regulations in the G7 countries. The Central Bank Governor stated that the recent dramatic events in the market have highlighted the deadly importance of regulation on the Web3.
BTC, ETH, SHIB and other cryptocurrencies to be discussed at the G7 meeting
According to a Reuters report, French Central Bank Governor Francois Villeroy de Galhau, BTC, ETH and SHIB He said that regulations concerning all cryptocurrencies, including cryptocurrencies, will be the focus of the G7 meeting to be held in Germany.
Francois Villeroy de Galhau emphasized that this issue was added to the agenda amid the unique turbulence caused by the collapse of Terra USD (UST) and Terra (LUNA), which had an earthquake effect in the crypto money market last week. During the ongoing global emerging markets conference in Paris, the Governor of the French Central Bank said:
The recent events are a wake-up call for the urgent need for global regulation.
As previously reported on Kriptokoin.com , G7 finance chiefs have been discussing cryptocurrency regulation regularly since Q4 2020. they started. These discussions largely focused on CBDCs and stablecoins.
UST collapse may cause new restrictions for cryptocurrencies
Terra USD, which you also follow closely on cryptokoin.com news The Anchor Protocol (ANC) problem compounded due to the instability that began with (UST) losing its dollar peg, which resulted in the disbandment of the UST and the collapse of Terra (LUNA). This collapse led to billions of dollars in liquidations in the cryptocurrency market and a total market carnage.
In the wake of these developments, US Treasury Secretary Janet Yellen stressed that this collapse reinforces the urgent need for a new regulatory framework on crypto and stablecoins. At the same time, Member of the US House of Representatives Tom Emmer criticized attempts to speed up the adoption of the regulation.
