Dominate them all – Governments take a dim view of the rise of digital assets. After Christine Lagarde last week , it is the turn of the G7 finance ministers to highlight the dangers linked to an unregulated digital asset market.
„A wolf in disguise … remains a wolf“
The Diem Dollar , formerly Libra, is at the heart of all concerns. Indeed, Facebook, with its hundreds of millions of users, has the capacity to quickly establish itself as a key financial player . If this were to happen, G7 members could lose their grip on the current monetary system.
This is why the German finance minister cracked a scathing statement on the Diem Dollar during a G7 videoconference :
“A wolf disguised as a sheep remains a wolf. It is clear to me that Germany and Europe cannot and will not accept its entry [the Diem Dollar] into the market, as long as regulatory risks are not sufficiently taken into account. We must do all we can to keep the monetary monopoly in the hands of states. „
Olaf Scholz, German Minister of Finance
In an official press release , the G7 finance ministers affirmed their common desire to put in place regulations for crypto-assets . The aim of this legislation would be to prevent malicious uses of digital assets. In short, nothing really new.
These discussions echo once again the rumor of a US regulation regarding crypto-asset portfolios. At the moment, we have no concrete information on the subject, except for recent statements by Brian Brooks , the Comptroller of the United States.