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

There has been no sign of slowing down for the digital money industry as the recent G7 meeting concluded that digital asset regulations were agreed by world governments.

Finance ministers and central bank governors from the G7 countries – the 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, Bank World and Financial The Stability Board discussed ongoing responses to the evolving landscape of digital currencies and digital assets. This includes national authority initiatives to prevent their use for malicious purposes and illegal activities.

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

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

Minister Olaf Scholz expressed concern over Diem’s ​​asset. In a statement after a video conference with other G7 finance ministers, Scholz said the relaunch of Libra under its new name was just a cosmetic change. He added, “We must do everything possible to ensure that the currency monopoly stays in the hands of states.”

Facebook’s blockade continues as Diem faces legal threats from a small European startup funding application of the same name.

Meanwhile, Bitcoin Society Founding President Jimmy Nguyen spoke to Bitcoin Business, Varney & Co., where he discussed BTC’s current price and whether BTC is more like a currency or a store of value like gold. Nguyen went on to talk about what Bitcoin is and what it was supposed to be.

“Bitcoin was born to be a peer-to-peer electronic money system. Bitcoin was supposed to be used in daily life by businesses and consumers around the world. That’s where it should be worth it – with real use, ”said Nguyen. He added, “Unfortunately, that is not the case, there is a narrative that it is a store of value that increases its price.”

New to Bitcoin? Check out CoinGeek’s Bitcoin for Beginners section, the ultimate resource guide to learn more about Bitcoin – as originally envisioned by Satoshi Nakamoto – and blockchain.