Stephanie Tower at CoinGeek Pulse Episode 24

The CoinGeek Pulse Episode 24: G7 on regulation, Diem faces new issues, Jimmy Nguyen talks to Fox Business

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There has been no sign of slowing down for the digital currency industry as the recent G7 meeting concluded that world governments agree on digital assets regulations.

Finance ministers and central bank governors from the G7 countries—United States, Canada, France, Germany, Italy, Japan, and the United Kingdom—along with the European Commission, the Euro group, and the heads of the IMF, World Bank and Financial Stability Board discussed ongoing responses to the evolving landscape of digital currency and digital assets. This includes national authorities’ initiatives to prevent their use for malign purposes and illicit activities.

In a statement, the U.S. Treasury Department said, “There is strong support across the G7 on the need to regulate digital currencies.” This is a reiteration to the joint statement on digital payments made by G7 Ministers and Governors in October 2020.

Following the G7 meeting, Germany’s finance minister appeared unimpressed with Facebook Libra rebranding itself as Diem. He said “a wolf in sheep’s clothing is still a wolf.”

Minister Olaf Scholz expressed concern about Diem asset. In a statement after a video conference with other G7 finance ministers, Scholz said that relaunching Libra under its new name was only a cosmetic change. He added, “We must do everything possible to make sure the currency monopoly remains in the hands of states.”

Facebook’s setback continues as Diem faces legal threats from a small European start-up finance application of the same name.

Meanwhile, Bitcoin Association Founding President Jimmy Nguyen talked Bitcoin to Fox Business, Varney & Co., where he discussed the current price of BTC and whether BTC is more like a currency or store of value like gold is. Nguyen went on to talk about what Bitcoin is and what it was meant to be.

“Bitcoin was born to be a peer-to-peer electronic cash system. Bitcoin was meant to be used in daily life by businesses and consumers all over the world. That’s where it should get its value–with real usage,” Nguyen said. He added, “Unfortunately, that’s not what’s happening, there’s a narrative that it’s a store of value that’s driving up its price.”

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