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G7 finance officers again want to control digital currencies – US Treasury

Finance ministers and central bankers from the Group of Seven (G7) superior economies strongly supported the necessity to regulate digital currencies, the U.S. Treasury Division mentioned in an announcement on Monday after a digital assembly of the officers.

FILE PHOTO: The Fb emblem is displayed on a cell phone on this image illustration taken December 2, 2019. REUTERS/Johanna Geron/Illustration/File Photograph/File Photograph

WASHINGTON/BERLIN: Finance ministers and central bankers from the Group of Seven (G7) superior economies strongly supported the necessity to regulate digital currencies, the U.S. Treasury Division mentioned in an announcement on Monday after a digital assembly of the officers.

German Finance Minister Olaf Scholz issued a sharply worded assertion after the assembly, underscoring his issues about authorizing the launch of Fb’s Libra cryptocurrency – newly renamed Diem – in Germany and Europe.

“A wolf in sheep’s clothes remains to be a wolf,” he mentioned. “It’s clear to me that Germany and Europe can’t and won’t settle for its entry into the market whereas the regulatory dangers will not be adequately addressed.”

He added: “We should do every part doable to verify the forex monopoly stays within the palms of states.”

U.S. Treasury Secretary Steven Mnuchin hosted the twelfth assembly of the G7 finance officers this yr associated to the COVID-19 pandemic as Washington prepares handy over the presidency of the G7 to Britain subsequent month.

The G7 finance officers mentioned ongoing responses to “the evolving panorama of crypto property and different digital property and nationwide authorities’ work to forestall their use for malign functions and illicit actions,” Treasury mentioned.

“There’s robust assist throughout the G7 on the necessity to regulate digital currencies,” the assertion mentioned.

The G7 officers reiterated their assist for a G7 joint assertion on digital fee in October, which mentioned digital funds might enhance entry to monetary companies and lower inefficiencies and prices, however needs to be “appropriately supervised and controlled.”

Stablecoins are tied to a conventional forex or basket of property, and used for funds or for storing worth.

Fb introduced plans in June to launch its digital forex however regulators world wide concern it might destabilise the worldwide monetary system.

G7 finance officers additionally mentioned home and worldwide financial responses to the COVID-19 pandemic, and methods to attain a sturdy world restoration, the assertion mentioned.

(Reporting by Andrea Shalal in Washington and Christian Kraemer in Berlin; Further reporting by Tim Ahmann and Thomas Escritt; Enhancing by Chizu Nomiyama)

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