Crypto Mass Adoption: G7 Countries Urge Swift Crypto Regulation

The mass adoption of cryptos and the underlying tech, the blockchain, has been one of the most important goals that the crypto industry has set. As we said on various occasions, mass adoption cannot be achieved without regulation. Check out the latest reports about crypto regulation below.

Reuters press agency notes that the world’s top financial leaders called on Thursday for the swift and comprehensive regulation of cryptos.

This comes following turmoil that has seen the demise of the Terra stablecoin last week, a draft communique showed on Thursday.

“In light of the recent turmoil in the crypto-asset market, the G7 urges the FSB (Financial Stability Board)…to advance the swift development and implementation of consistent and comprehensive regulation,” finance ministers and central bankers from the Group of Seven industrialized nations said in the document.

Russia is in the headlines these days following the latest reports.

Russia considers allowing crypto to be used for international payments, according to the latest reports from Interfax agency.

“The idea of using digital currencies in transactions for international settlements is being actively discussed,” Ivan Chebeskov, head of the finance ministry’s financial policy department, was quoted as saying.

Russian officials are struggling with how to regulate the country’s crypto market and use of digital currencies, with the finance ministry opposed to the central bank’s calls for a blanket ban.

Galaxy Digital CEO Mike Novogratz reveals when he believes Bitcoin (BTC) could act as the driving force behind a widespread crypto market rally.

He also addressed the reasons for which he believes the king coin is being outperformed by the US stock market.

“Crypto trades poorly. This is going to be a period that tests peoples convictions. We will find a bottom when we do. The break from traditional finance markets is because we don’t have corporate buybacks and giant pension rebalancing that is causing this squeeze in equities.”