Central bank governors and finance ministers from the Group of Seven (G7) reportedly have plans down their pipeline to hold discussions regarding the regulations of cryptocurrencies. 

Specifically, Bank of France Governor François Villeroy de Galhau reportedly revealed that spokesperson from America, Canada, Japan, Germany, France, Italy and the United Kingdom are looking to share their perspectives on problems associated with a regulatory framework for crypto, during their meeting in Germany’s cities of Bonn and Königswinter. 

Villeroy further revealed that the major crash that signals crypto market volatility – the incident of a few stablecoins depegging from the U.S. dollar and prices of major tokens slumping – had served as a “wake up call” for regulators worldwide. 

Villeroy reportedly claimed during an emerging markets conference in Paris that “Europe paved the way with MiCA” – a reference to the European Parliament’s regulation focusing on establishing a crypto-centric regulatory framework. 

“We will probably […] discuss these issues among many others at the G7 meeting in Germany this week.”

“Crypto assets could disrupt the international financial system if they are not regulated, overseen and interoperable in a consistent and appropriate manner across jurisdictions.”

Per details included in the G7 web page, finance ministers and central bank governors will gather in Germany from May 18–20 to talk about policies focusing on member nations’ recovery and financial stability because of the global health pandemic. 

“shaping the upcoming transformation processes in the context of digitalization and climate neutrality,” and business policy at the International Monetary Fund.

The group finalized the issuance of guidelines surrounding the potential introduction of central bank digital currencies last year, and issued warnings against particular stablecoins that pose threats against the global financial system in 2019.