G7 meeting puts emphasis on crypto regulation

World leaders at a meeting of the G7 have agreed that more emphasis should be put on the regulation of crypto and blockchain industries, which are becoming more popular and attract more consumers every day.

The US State Department of the Treasury argued on Monday that the G7 would have to come together and issue strong support for the potential regulation of digital currencies, which are still operating in a state of lawlessness in many places.

Regulators have been quick to act this year, with many renowned financial custodians, such as the International Monetary Fund, the Financial Stability Board and World Bank showing and taking a keener interest in digital currencies and how to implement and regulate them.

With Facebook's Libra now looming and PayPal giving the go-ahead to crypto purchases, the traditional financial order has been challenged very quickly.

In a tweet by the US Secretary of Treasury, Steven Mnuchin, it became apparent that the G7 has taken seriously the urgency of implementing adequate measures.

The tweet read: “Productive #G7 call this morning. We discussed the effective actions in response to COVID19, strategies to achieve a robust recovery, and cryptocurrencies.”

The G7 has been unable to ignore developments in the crypto space any more, with Bitcoin's price hitting $20,000 in valuation and some analyst predicting a heady rise in future.

These developments have been welcome by the crypto gaming community, with traffic at Bitcasino, Cloudbet, and BitStarz increasing steadily as BTC's price has been going up.

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Written by Alex


Alex is a well-rounded crypto writer who focuses on general market and legal developments. His main interest lies in how crypto gaming can become a more permanent part of the gaming landscape and how blockchain holds benefits to players they are not even aware of.

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