Breaking News
Get Actionable Insights with InvestingPro+: Start 7 Day FREE Trial Register here
Investing Pro 0
Ad-Free Version. Upgrade your Investing.com experience. Save up to 40% More details

Bank of Japan Official Calls for G7 Nations to Regulate Cryptos

Cryptocurrency Apr 01, 2022 08:30AM ET
Saved. See Saved Items.
This article has already been saved in your Saved Items
 
© Reuters. Bank of Japan Official Calls for G7 Nations to Regulate Cryptos

  • A senior official from the bank of Japan has warned G7 nations that a common regulatory framework for cryptocurrencies needs to be introduced quickly.
  • The statement comes in response to the continued conflict between Russia and Ukraine.
  • Concerns around cryptocurrencies being used to evade economic sanctions continue to rise.

G7 has been warned by a senior official from the Bank of Japan (BOJ) that a common framework for regulating digital currencies needs to be put in place as soon as possible.

The statement comes in response to the continued conflict between Russia and Ukraine, as concerns around cryptocurrencies being used to evade economic sanctions continue to rise.

Kazushige Kamiyama, the head of the Bank of Japan’s payment systems department, told Reuters that using stablecoins makes it very easy to create “an individual global settlement system.” This would in turn make it easier for nation states to avoid current, traditional, and regulated payment systems that rely on the U.S. dollar, euro, and yen for settlement.

US allies, including Japan, had imposed sanctions against Russia for invading Ukraine on February 24, 2022. These sanctions included the removal of many Russian banks from SWIFT, the global payments system.

Kamiyama added that the G7 nations will only be able to effectively coordinate to regulate cryptocurrencies and digital assets if they treat the matter with a high sense of urgency, seeing that the current regulations do not fully take into account their increasing adoption and the rapidly growing number of digital assets in the market.

Governments across the globe have been allocating resources towards developing a regulatory framework for cryptocurrencies and other digital assets for a number of years now.

However, up until this point, regulatory frameworks have been majority regional. A globally accepted regulatory framework will strengthen the impact of financial sanctions imposed on a country by other nations, disabling the sanctioned country financially.

Disclaimer: The views and opinions expressed in this article are solely the author’s and do not necessarily reflect the views of CoinQuora. No information in this article should be interpreted as investment advice. CoinQuora encourages all users to do their own research before investing in cryptocurrencies.

Continue reading on CoinQuora

Bank of Japan Official Calls for G7 Nations to Regulate Cryptos
 

Related Articles

Law Decoded, Aug. 8-15: In the eye of Tornado Cash
Law Decoded, Aug. 8-15: In the eye of Tornado Cash By Cointelegraph - Aug 15, 2022

Summer is still on, harvesting the fresh names for its list of the crypto companies in deep trouble. This time, the trouble came not from the market or management but from the...

Add a Comment

Comment Guidelines

We encourage you to use comments to engage with other users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind:  

  •            Enrich the conversation, don’t trash it.

  •           Stay focused and on track. Only post material that’s relevant to the topic being discussed. 

  •           Be respectful. Even negative opinions can be framed positively and diplomatically. Avoid profanity, slander or personal attacks directed at an author or another user. Racism, sexism and other forms of discrimination will not be tolerated.

  • Use standard writing style. Include punctuation and upper and lower cases. Comments that are written in all caps and contain excessive use of symbols will be removed.
  • NOTE: Spam and/or promotional messages and comments containing links will be removed. Phone numbers, email addresses, links to personal or business websites, Skype/Telegram/WhatsApp etc. addresses (including links to groups) will also be removed; self-promotional material or business-related solicitations or PR (ie, contact me for signals/advice etc.), and/or any other comment that contains personal contact specifcs or advertising will be removed as well. In addition, any of the above-mentioned violations may result in suspension of your account.
  • Doxxing. We do not allow any sharing of private or personal contact or other information about any individual or organization. This will result in immediate suspension of the commentor and his or her account.
  • Don’t monopolize the conversation. We appreciate passion and conviction, but we also strongly believe in giving everyone a chance to air their point of view. Therefore, in addition to civil interaction, we expect commenters to offer their opinions succinctly and thoughtfully, but not so repeatedly that others are annoyed or offended. If we receive complaints about individuals who take over a thread or forum, we reserve the right to ban them from the site, without recourse.
  • Only English comments will be allowed.

Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at Investing.com’s discretion.

Write your thoughts here
 
Are you sure you want to delete this chart?
 
Post
Post also to:
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Thanks for your comment. Please note that all comments are pending until approved by our moderators. It may therefore take some time before it appears on our website.
 
Are you sure you want to delete this chart?
 
Post
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Add Chart to Comment
Confirm Block

Are you sure you want to block %USER_NAME%?

By doing so, you and %USER_NAME% will not be able to see any of each other's Investing.com's posts.

%USER_NAME% was successfully added to your Block List

Since you’ve just unblocked this person, you must wait 48 hours before renewing the block.

Report this comment

I feel that this comment is:

Comment flagged

Thank You!

Your report has been sent to our moderators for review
Continue with Google
or
Sign up with Email