Group of Seven announces support for appropriate bitcoin regulation

Regulation | August 20, 2015 By:

Representatives of Group of Seven (G7) met in Bavaria, Germany on 7th and 8th of June and announced support for appropriate regulation of virtual currencies..

The G7 is looking to oversee digital currency activity through the lens of terrorism financing, which it deemed “a major priority”. Part of this process, the statement read, includes regulating emerging payment methods.

“We will take further actions to ensure greater transparency of all financial flows, including through an appropriate regulation of virtual currencies and other new payment methods,” G7 stated.

Group of Seven is a global organization comprised of the heads of state from some of the world’s largest economies including Canada, France, Germany, Italy, Japan, the UK and the US.