G7 Officials Stress Need to Regulate Digital Currencies: US Treasury

Japan’s finance minister Taro Aso suggested on Tuesday that the G7 finance ministers should have discussions over central bank digital currencies (CBDCs) in Friday’s virtual meeting. Read more: G7 Officials Stress Need to Regulate Digital Currencies: US Treasury

The G7 finance ministers and central bank governors discussed the need to regulate cryptocurrencies during their latest meeting. German Finance Minister Olaf Scholz raised concerns about Facebook’s upcoming cryptocurrency. G7 Sees the Need to Regulate Crypto U.S. Treasury Secretary Steven Mnuchin hosted a discussion on Monday with finance ministers and central bank governors from Canada, France, Germany, Italy, Japan, the U.K., the European Commission, and the Eurogroup. The meeting was also attended by the heads of the International Monetary Fund (IMF), the World Bank, and the....

Around the same time as Accenture's call for the UK government to regulate bitcoin wallets, Citi suggested that officials should look into creating their own digital currency. This has been revealed in the Treasury's release of a document entitled "Digital Currencies: Response to the Call for Information". This report summarizes all the submissions received by the government after it urged the public to assist them in understanding the workings of the digital currency industry. The Treasury received more than 120 responses and has outlined the proposals and the government's next steps.....

The UK Government's Ministry for Economy and Finance - Her Majesty's Treasury, tasked with setting the UK's future economic policies is steadfast in its approval and welcoming of block chain technology and digital currencies. It started when the UK Treasury issued a public call in November 2014, seeking inputs for ways to effectively regulate digital currency. "What are the potential benefits of (this) distributed ledger technology? How significant are these benefits?" was one of 13 questions asked during the "call for information"; while fully acknowledging the fact that intermediaries....

The House minority leader said the United States should not take a backseat to China when it comes to digital currencies. Kevin McCarthy, the minority leader in the U.S. House of Representatives, hinted that both the current Secretary of the Treasury and chair of the Federal Reserve may need to reevaluate their positions on crypto.Speaking on CNBC's Squawk Box this morning, host Joe Kernen asked the Republican lawmaker whether either Treasury Secretary Janet Yellen or Fed chair Jerome Powell had a “good understand of digital currencies or Bitcoin.” In regards to Bitcoin (BTC), McCarthy....