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Central bankers and finance ministers around the world have agreed on strong regulation of the cryptocurrency market in the recently concluded G7 meeting. According to the U.S. Treasury Department, the virtual meeting saw world G7 officials support the control and regulation of cryptocurrencies, and some countries will start implementing theirs soon.

The regulation of digital assets has been top of the agenda for many countries who want to allow the cryptocurrency market to flourish, but afraid of the underlining risks.

But with the agreement by G7 countries to fashion out a proper crypto regulatory framework, the regulatory issues in the sector may be over soon.

Apart from discussions about crypto regulation, representatives of the world economic leaders also discussed the Coronavirus pandemic and the resulting economic issues. They also talked about the present response to the growing significance of Bitcoin (BTC), altcoins, and other digital assets.

During the G7 meeting, members also discussed the actions by authorities to prevent the use of crypto assets for malign and illegal activities, including its use for transactions related to terrorism.

The United States Department of the treasury has commented about the discussions in the virtual meeting.

 “There is strong support across the G7 on the need to regulate digital currencies”, the Treasury Department stated.

Governors and ministers agreed that there is a strong need for a joint statement on the digital payments issue.

Olaf Scholz, the German Finance Minister, also commented on the development shortly after the G7 meeting. He also underscored his worries about a possible authorization for the launch of Facebook’s Libra in Germany, now renamed Diem.

According to him, the fact that Libra has changed its name doesn’t take anything away from its main goal and agenda, which regulatory authorities have been trying to avoid.

 “A wolf in sheep’s clothing is still a wolf,” he reiterated, stating that the regulatory risks have to be addressed before Germany accepts its entry.

According to him, it’s imperative that the present currency monopoly doesn’t leave the hands of states, and it will be catastrophic if otherwise.

The U.S. Department of Justice (DoJ) has been particularly busy with several clampdowns on the crypto sector this year. The most notable is when it went after crypto-native derivatives exchange BitMEX for offering services to U.S. customers.

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