SPS should accelerate the development of digital asset regulation. Reuters writes that such a request was included in the communique of the meeting of finance ministers of the G7 (G7) countries.

The initiative arose after the collapse of the Terra ecosystem due to the loss of the UST algorithmic stablecoin stablecoin to the US currency. Earlier, US Treasury Secretary Janet Yellen and other senior officials of the G7 countries commented on the consequences of the event.

“Digital assets have the potential to disrupt the international financial system if they are not regulated, monitored and interacted with in multiple jurisdictions in a consistent and appropriate manner.” – said Francois Villeroy de Galo, head of the Bank of France.

Recall that the UK Treasury refused to legalize algorithmic stablecoins.

Earlier, Galaxy Digital founder Mike Novogratz described TerraUSD as a “big idea that failed.”

Analysts at Goldman Sachs emphasized that algorithmic stablecoins can only be successful if they are widely adopted in payment transactions.