G7 Pushes for Greater Crypto Regulation, and That Might Be a Good Thing

G7 finance ministers and central bankers from the Group of Seven (G7) stepped up their calls for more stringent regulation of cryptocurrency assets, especially so-called stablecoins. The call for greater regulation followed May’s spectacular meltdown of the Terra ecosystem and its stablecoin and native token LUNA. The event had such an impact that even some centralized stablecoins, such as Tether, briefly lost their dollar peg. Some say the rush to introduce regulation around stablecoins is an effort to remove competition ahead of plans to introduce state-backed digital currencies, known as Central Bank Digital Coins or CBDCs, which would be issued and controlled by governments. In a statement in June, G7 announced they had agreed to work together to create “common principles for Source