G7 nations call for stricter digital currency regulations

The International Group of Seven (G7) is inching toward a unified framework for the regulation of digital currencies, according to a report from Kyodo News.

The G7 nations are increasing the pace of discussions related to digital currency regulations ahead of a meeting of the Group’s central bank governors and Finance Ministers. The summit is scheduled to be held in Japan only days after the conclusion of the 49th G7 summit in May.

The renewed push for digital currency regulation among the G7 nations is coming on the heels of several large-scale collapses in the sector. The U.S., in particular, appears to be the hardest hit given the sudden bank failures of Silicon Valley Bank (SVB) and Signature Bank, entities with several digital asset service providers as customers.