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G7 Financial Heads To Boost Crypto Regulations While Russia All Set To Regulate Cryptocurrency


Group of Seven well known as G7 was held recently yesterday May 19 in Koenigswinter, Germany. Representative Financial ministers and Central bank governors from the United States, Canada, Germany, France, Italy United Kingdom, and Japan recently held a discussion about recent major global problems.

 Especially the Economic crisis that the world is recently facing along with the Russian Ukraine war and policies related to member countries have been the special topics in the recently concluded G7 meeting.

According to reports and Reuters, G7 Financial heads were really concerned about the cryptocurrency space. Especially the crypto fall along with Luna and TerraUSD (UST) market has triggered the G7 meeting while talking about financial stability. 

The European Union joined the G7 committee to make more discussions about cryptocurrency. The G7 members have the world’s largest industrial economies along with the European Union so Financial stability is really important to these parties.

Since May 8 the Cryptocurrency market has lost nearly $300 billion in value according to the Crypto site Because of the volatility of cryptocurrency and the massive risk G7 is set to call for quick global crypto regulation. So as the first step G7 is looking forward to FSB ( Financial Stability Board).

 According to the Reuters Finance ministers and central bankers from G7 have asked the Switzerland-based Financial Stability Board ( FSB) to create advance a ” consistent and comprehensive regulation,” before the next G7 head meeting. So there will be new regulations on the Cryptocurrency market in the next few months.

Source: Unsplash

After many controversial attempts, Russia is finally all set to legalize cryptocurrencies. The news was confirmed by the Russian Industry and Trade Minister Denis Manturov said the Russian Government and Central bank have made their final plans accepting both sides’ conclusions.

At the beginning of the year, 2022 Russian government along with Russian President Vladimir Putin’s enforcement of a crypto acceptance and regulation bill was published. However, with the beginning of the war and some proposals clashed between the Central bank and the Russian finance ministry pulled away from the first bill down.

So Russia will accept cryptocurrencies as a means of payment according to the Trade Minister Denis Manturov furthermore he added that ” The question is, when this happens, how it will be regulated, now that the central bank and government are actively working on it.” 

Russia already had a plan to issue its own digital currency along with the Russian banking giant Sberbank. However, still, the government is only accepting it as payment to support the use of private cryptocurrencies despite still the government has not clearly mentioned the accessible areas. The main concern area is to stop money laundering and to prevent using the money for terrorism.

On April 17 according to the Russian local news house Kommersant, the Russian Ministry of Finance finalized a bill regarding accepting cryptocurrency payments inside the country. However, as the first bill, this was also just controversial news. Somehow once again The acceptance of Cryptocurrecney in Russia is back again with the Russian Trade ministers statement.

Crypto mining is also a key fact in Cryptocurrency. Eveny Grabchak Russia’s Deputy Minister of Energy earlier proposed cryptocurrency mining should be fully legalized inside the country.

So it seems like many Russian officials are positive about cryptocurrency legalization. 

End of the Story

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