François Villeroy de Galhau, governor of the Bank of France, said that the Terra fiasco and the recent crypto market crash should serve as a “wake-up call” to implement rules in the sector. As such, discussing such measures could be one of the main topics during this week’s meeting of the Group of Seven (G7) members.

Recent events in the Terra ecosystem have drawn the attention of the G7 members. According to Reuters, the world’s major economies (Canada, France, Germany, Italy, Japan, UK, US and EU) could consider imposing a regulatory framework on the crypto industry during their meeting (May 18-20) in Germany. . The head of the French central bank, François Villeroy de Galhau, said that these events are a wake-up call for the industry and that establishing rules is imperative now:

“What has happened in the recent past is a wake-up call about the urgent need for global regulation. Europe paved the way with MiCA (regulatory framework for crypto assets), we will probably discuss these issues, among many others, at the G7 meeting in Germany this week.”

The EU Markets for Crypto Assets (MiCA) is a proposed regulation that focuses on digital assets and their use in the financial system. Earlier this year, the Union stated that the MiCA bill does not include a ban on proof-of-work cryptocurrencies such as bitcoin. This is not the first time that François Villeroy de Galhau has called for the implementation of rules in the sector. Last year, he warned that Europe’s monetary sovereignty is at risk if EU authorities fail to regulate cryptocurrencies. In his opinion, the Union’s national currency could also be in danger if action is not taken soon:

“Whether it is digital currencies or payments, we in Europe must be prepared to act as quickly as necessary or risk an erosion of our monetary sovereignty. I must underline here the urgency: we do not have much time left, one or two years”.

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