Crypto regulations: G7 Nations discuss future of crypto

TL:DR Breakdown:

  • G7 opened to reglating crypto globally
  • G7 show support for crypto previously, harsh on stablecoins

The G7 countries, an international organization of leading economies in the world through their finance leaders, have opened conversations on how crypto regulations across the globe should be handled.

They all at the meeting expressed strong support for the need for crypto regulation and other digital assets at the 12th G7 meeting headed by Steve Mnuchin, US Treasury Secretary.

The world power nations also talked about how countries are responding to the evolving digital asset as well as how countries try to stop these assets from being used for illegal activities.

However, in their recent meeting, the G7 did not talk about how or what steps are going to be taken towards crypto regulation, the world leaders only expressed support for its regulation spoke on other matters.

G7 to go easy with crypto regulations

Despite the G7 move to regulate crypto, they are not expected to be harsh with their regulation of the digital assets. Previously in their meetings, they expressed support for crypto, highlighting the assets potential to provide a faster and cheaper way to move money and make payments.

The G7 then also highlighted the fact that crypto was able to serve the several billion unbanked people around the world and those who lack access to good financial services.

Amidst the G7 support for cryptocurrencies, they are opposed to the development of stablecoins. The claim it is has to be closely scrutinized.

G7 stance on stablecoins

Since October, the G7 have expressed their displeasure about stablecoins. They released a report that tokens pegged to traditional assets must be closely scrutinized and regulated.

They state that the project should only operate after legal, regulatory and oversight challenges and risks are adequately addressed. They state further that when such risks are addressed, it still does not necessarily mean a guarantee for the approval of the project.

The crypto community and the world await to see what next and how the G7 would handle crypto regulations and stablecoin eventually.

  • The Black Swan Astrologer predicts that cryptocurrencies are poised for massive adoption in 2022, and would disrupt many economies.
  • He further added that Bitcoin will be valued above $1 million eventually.

Having discovered an astrological chart that foretells the future of money in the coming years, Matthew Swann, who’s popularly known as the Black Swan Astrologer, concluded with a prediction that digital currencies, especially Bitcoin (BTC), are the next evolution of money. He noted that cryptocurrency is poised for mainstream adoption in the next two years, and will disrupt many weak economies, including fiat currencies.

The Black Swan Astrologer predicts mainstream crypto adoption in 2022

Before the Coronavirus pandemic in October 2019, Swann forecasted that there would be “a black swan event” at the beginning of the new year, which will affect several economies of the world. The report on Tuesday informed yet another provocative prediction from the Black Swan Astrologer that the arrival of digital money/currency will spur massive disruption of the world’s economy, “foreshadowed by the new decade’s planetary alignments.”

“Bitcoin is the next stage in the evolution of money, proving that money is a technology—and technology always disrupts,” Swann said. As the cryptocurrency breaks the $20,000 resistance and surges higher, the Black Swan Astrologer said Bitcoin would eventually trade at $1,532,238 (or CNY 10,000,000.00) per coin. He added the digital currency would go mainstream by 2022 as the “American Revolution 2.0 will officially begin in early 2022.”

Crypto vs world’s economy

In the next two years, Swann said there would be more growth in the digital currency financial system. This includes the long-planned Chinese digital yuan, which Swann said will be launched in 2022, coinciding with the Beijing Winter Olympics, Chinese New Year, and the historic “Pluto return” of America on 2/22/22. 

“As the old economic guard wrestles with the unstoppable crypto-upstarts, social protest and unrest will likely erupt among fragile economies,” said the Black Swan Astrologer. 

This post was last modified on December 9, 2020 7:39 am 

Source: Crypto regulations: G7 Nations discuss future of crypto. Cryptopolitan, https://www-cryptopolitan-com.cdn.ampproject.org/c/s/www.cryptopolitan.com/crypto-regulations-g7-discuss-crypto-future/amp/

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