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Following last week’s collapse of the terraUSD stablecoin last week, the finance ministers from the Group of Seven (G-7) large developed economies are calling for faster global crypto regulations.
The carnage in crypto markets last week, in which the Terra asset normally worth $1 tanked to as low as 7 cents, and Tether’s USDT also losing its peg for a short period of time, has increased urgency for extra regulation.
In a draft communique seen by Reuters, the finance ministers explained:
“In light of the recent turmoil in the crypto-asset market, the G7 urges the FSB (Financial Stability Board) … to advance the swift development and implementation of consistent and comprehensive regulation.”
The FSB, is based in Basel had previously promised to release a report on the regulation, supervision and oversight of global stablecoins for October this year. The Dutch head of the FSB, Klaas Knot, had
Earlier this week, French central bank Governor François Villeroy de Galhau cited recent market turbulence as evidence that stablecoins are “misnamed” and “possibly very unstable.” He also pushed for a global and interoperable approach for crypto supervision in order to avoid disrupting the international financial system