According to a report from Kyodo News, officials from the Group of Seven (G7) leading industrial countries are set to discuss cryptocurrency regulations as part of preparations for their upcoming meeting in Hiroshima, Japan, in May.
The nations present include the biggest world democratic nations and economic powers, including Japan, the U.S., the U.K., Canada, France, Germany, and Italy, which comprise the group along with the European Union. One of the main themes of these G7 meetings is to discuss the way forward for crypto regulations and also adoption across the globe.
These nations aim to provide stricter regulation guidelines to enable security within the cryptocurrency market. This comes when all these countries have different approaches to the digital assets field.
Lately, cryptocurrencies have become a matter of watch since last year, when most cryptocurrency firms saw a collapse like that of the famous FTX collapse, headed by Sam-Bankman Fried, and the collapse of Terra USD.
Cryptocurrency-related issues are also expected to be a significant part of the upcoming G20 meeting of finance ministers and central bank governors scheduled to take place in Washington, D.C, in April.
This comes after the International Monetary Fund (IMF) released an action plan advising nations not to allow cryptocurrencies to act as legal tenders in February. The reason for the IMF to set these warnings to the nations is that cryptocurrencies will lead to risks in monetary stability.
