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Crypto assets discussed during G7 meeting, says U.S. Treasury Department

Crypto assets discussed during G7 meeting, says U.S. Treasury Department

Central bank officials and finance minister from the Group of 7 nations discussed crypto assets during a meeting, the Treasury Department said Monday.

According to a readout from U.S. Treasury Secretary Steve Mnuchin, the conversation primarily focused on the coronavirus pandemic but touched on other topics, including crypto assets.

As the statement noted:

“They also discussed ongoing responses to the evolving landscape of crypto assets and other digital assets and national authorities’ work to prevent their use for malign purposes and illicit activities.  There is strong support across the G7 on the need to regulate digital currencies.  Ministers and Governors reiterated support for the G7 joint statement on digital payments issued in October.”

The Treasury Department under Mnuchin has pursued a number of crypto initiatives, primarily through the Office of the Comptroller of the Currency.

In February, Mnuchin said that additional regulatory releases were in the works, and recent comments from Coinbase CEO Brian Armstrong indicated that exchange firms are aware of additional regulatory guidance on the horizon. 

© 2020 The Block Crypto, Inc. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

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Author: Michael McSweeney