Bank of Japan Official Calls for G7 Nations to Regulate Cryptos By CoinQuora


© 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

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.



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© 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

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.

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