The finance ministers of the world’s seven largest developed nations, the G7 nations, have demanded that crypto assets should be held to the same exacting standards as the rest of the financial system.
“The G7 remains committed to high regulatory standards for global Stablecoins, following the principle of same activity, same risk, same regulation,” the G7 said in a statement.
The statement added that the Financial Stability Board (FSB) has been asfked to speed up work in the wake of the market shock after the collapse of the Stablecoin, terraUSD (UST) last week, adding that there should be tougher rules to counter money laundering and the disclosure of reserves.
In other news, the president of the European Central Bank (ECB) has called for regulating crytos in an effort to steer people away from speculating on them with their life savings.
Christine Lagarde told Dutch television in an interview that crypto currencies are “based on nothing” and that she is sceptical of crypto’s value, according to a report in Moneycontrol.
She further said that she was concerned about people “who have no understanding of the risks, who will lose it all and who will be terribly disappointed, which is why I believe that that should be regulated.”
“My very humble assessment is that it is worth nothing, it is based on nothing, there is no underlying asset to act as an anchor of safety,” she added.
The price of Bitcoin in the cryptocurrency market fell 3.80 per cent in the last 24 hours, and it was trading at $29,257.19 at 5:15 pm IST.
In the last 24 hours, Ethereum (ETH) was trading at $1,969.31, and it was down by 4.12 per cent. Solana (SOL) was down by 7.05 per cent to $49.44, while Cardano (ADA) was down 2.22 per cent to $0.5272.
Dogecoin was trading at $0.083820, down 3.85 per cent on Coinmarketcap.com. Its rival, Shiba Inu, was down by 3.95 per cent, and was trading at $0.000012.