Cryptocurrencies were put on the agenda of the G7 meeting due to the collapse of LUNA, which caused an earthquake in the crypto market. G7 finance ministers prepared a draft text in preparation for regulations and asked the Financial Stability Board to speed up the work.
G7 takes action to adjust after LUNA crisis
Before the start of the G7 meeting cryptocoin.com As we mentioned in his news, the President of the French Central Bank, Francois Villeroy de Galhau, has announced that the regulation of all cryptocurrencies, including Bitcoin and Ethereum, will be the focus of the G7 meeting in Germany.
Francois Villeroy de Galhau stressed that this topic was put on the agenda amid the unique turmoil in the crypto markets from the collapse of Terra USD (UST) and Terra (LUNA), which had an earthquake effect on the cryptocurrency market last week.
In the wake of the recent crisis in the crypto-asset market, we call on the G7 to accelerate the work done so that they can regulate the Financial Stability Board in a coherent and comprehensive manner.
Stablecoins will be the focus of regulation
Based in Basel, the Financial Stability Board oversees the global financial system and works to support financial stability. As you will recall, Financial Stability Board officials announced that they would produce a report on how the algorithmic or reserve-based stablecoins that are driving the LUNA collapse agenda will be regulated, monitored and monitored, and that they would publish this report in October last year.
cryptocoin.com The imbalance that started with Terra USD (UST) losing its dollar peg, which you are following closely in the news, came together with the Anchor Protocol (ANC) issue and this led to the dissolution of the UST and the collapse of Terra (LUNA ). This collapse led to billions of dollars in liquidations in the cryptocurrency market and all-out market carnage. Following these developments, US Treasury Secretary Janet Yellen emphasized that this collapse reinforces the urgent need for a new regulatory framework for cryptocurrencies and stablecoins.
Contact us to be informed immediately about the latest developments. chirp‘in, Facebookin and Instagramfollow and telegram and youtube join our channel!
Disclaimer: The articles and articles on Kriptokoin.com do not constitute investment advice. Cryptokoin.com does not recommend the purchase or sale of cryptocurrencies or digital assets, nor is Kriptokoin.com an investment advisor. Because of this, Kriptokoin.com and the authors of the articles on the site cannot be held responsible for your investment decisions. Readers should do their own research before taking any action regarding the company, asset, or service discussed in this article.
Warning: Citation of Kriptokoin.com news content and citation by providing a link is subject to Kriptokoin.com’s permission. No content of the website may be copied, reproduced or published on any platform without permission. Legal action will be taken against those who use the code, design, text, graphics and any other content of Kriptokoin.com in violation of intellectual property law and relevant laws.
#decision #LUNA #altcoins
No comments:
Post a Comment