G7 Finance Ministers Talk Crypto At Latest Meeting
Anna Carpenter
Tue, 12/08/2020 – 15:30

FRNT Financial

Publication Date

Crytpo and Bitcoin Market Cap Story of Day





Crypto markets are marginally lower, but the volatility regime has clearly transitioned from where we were 2 weeks ago. As a result, spot volumes are only about 50% of the 30-day average.

Crypto Story of the Day

Yesterday, G7 Finance Ministers concluded a meeting which was said to involve a discussion of central bank digital currencies and cryptocurrency as a primary topic of discussion.

The G7 Finance Ministers meeting was hosted by outgoing U.S. Treasury Secretary Steve Mnuchin and, included Finance Ministers and Central Bank Governors from Canada, France, Germany, Italy, Japan, the United Kingdom, the European Commission, and the Eurogroup. As is often the case, there are sparse details emerging from the actual discussion. The official Readout describes that, “The Ministers and Governors discussed domestic and international economic responses underway and strategies to achieve a robust recovery throughout the global economy. They also discussed ongoing responses to the evolving landscape of crypto assets and other digital assets and national authorities’ work to prevent their use for malign purposes and illicit activities. There is strong support across the G7 on the need to regulate digital currencies. Ministers and Governors reiterated support for the G7 joint statement on digital payments issued in October.” 

This was the 12th such meeting Mnuchin had hosted regarding pandemic-related issues. Notable comments outside of the official response included those from German Finance Minister Olaf Scholz, who referred to the rebranded Libra token as still, ‘a wolf in sheep’s clothes.’

Given that there have been 12 of these meetings in the past 9 months, the highlighting of cryptocurrency as a primary topic wasn’t surprising. It’s particularly understandable in the context of the outgoing Trump Administration, which has already been accused by Coinbase CEO Brian Armstrong as intending for heavy-handed regulation as they exit office. As usual, there were some comments which speak to the leaders’ lack of understanding in the space, this time courtesy of the German Finance Minister. The German Finance Ministry also reacted extremely negatively to Libra on its official announcement and we are unaware of any similar comments around the broader crypto market.

The fact that this Minister is more concerned with Facebook, one of the most heavily regulated entities in the world, launching a token-based payment network rather than something with the network growth and decentralized characteristics of Bitcoin speaks to an extreme lack of understanding about several primary crypto use cases.

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