G7 voice concern about ransomware attacks amid Covid-19; say stablecoin needs regulation

Financial leaders of the world’s seven biggest economies on Tuesday underscored their concerns about rising ransomware attacks amid the Covid-19 pandemic, and said no stablecoin operation should start until it is properly regulated.

In a joint statement, the finance officials of the United States, Canada, Japan, Germany, France, Italy and Britain said digital payments could improve access to financial services, cut inefficiencies and costs, but such payments should be “appropriate supervised and regulated.”

“The G7 continues to maintain that no global stablecoin project should begin operation until it adequately addresses relevant legal, regulatory, and oversight requirements through appropriate design and by adhering to applicable standards,” the statement said.