The G7 defended this Friday (20) the strengthening of global regulation of stablecoins, in a joint statement released after a meeting of finance ministers and central bank presidents in Germany.
In the note, the group asks the Financial Stability Board (FSB) to quickly coordinate international efforts in this area.
The order comes amid recent “turmoil” in the cryptocurrency market, according to the text.
The recent collapse of the TerraUSD (UST) stablecoin, which lost parity with the dollar, has expanded the defense for the creation of new criteria for regulating the sector.
“We reaffirm that no global stablecoin project should begin operating until it adequately addresses relevant legal, regulatory and supervisory requirements through appropriate design and abiding by applicable regulations,” the statement reads.
Source: CNN Brasil
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