During the global emerging markets conference, Bank of France governor François Villrois de Galleau spoke about the upcoming G7 debate on cryptocurrency regulation in Germany, which will take place this week.
On May 17, the official stressed that the issue was added to the agenda amid unprecedented turbulence in cryptocurrency markets caused by the UST/LUNA collapse last week:
What has happened in the recent past is a wake-up call about the urgent need for global regulation.
In fact, G7 financial executives have begun discussing cryptocurrency regulation since the fourth quarter of 2020, betting on the prospects for CBDC and Stablecoin.
U.S. Treasury Secretary Janet Yellen also stressed that the drama reinforced the need for a new regulatory framework for cryptocurrencies and stablcoins.