Finance ministers and central bankers from G7 economies strongly support the need to regulate digital currencies, the US Department of the Treasury said in a statement on Monday after a virtual meeting.
German Minister of Finance Olaf Scholz issued a sharply worded statement after the meeting, underscoring his concerns about authorizing the launch of Facebook’s Diem stablecoin cryptocurrency in Germany and the EU.
“A wolf in sheep’s clothing is still a wolf,” Scholz said. “It is clear to me that Germany and Europe cannot and will not accept its entry into the market while the regulatory risks are not adequately addressed. We must do everything possible to make sure the currency monopoly remains in the hands of states.”
Photo: Reuters
US Secretary of the Treasury Steven Mnuchin hosted this year’s 12th meeting of G7 finance officials as Washington prepares to hand over the presidency of the G7 to London next month.
The G7 finance officials 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,” the department said. “There is strong support across the G7 on the need to regulate digital currencies.”
The officials reiterated their support for a G7 joint statement on digital payments in October, which said they could improve access to financial services, and cut inefficiencies and costs, but should be “appropriately supervised and regulated.”
A stablecoin is tied to a traditional currency or basket of assets, and can be used for payments or storing value.
Facebook in June announced plans to launch a digital currency, but regulators fear that it could destabilize the global financial system.
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