World leaders recently met at the annual G7 summit to discuss a variety of issues. This intergovernmental organization known as the Group of Seven (G7), includes Canada, France, Germany, Italy, Japan, the United Kingdom and the United States. During this annual summit, these nations work together to resolve global problems, while mainly focusing on economic issues.
The many pressing issues they have discussed in recent years have included their feelings about the global rise in popularity of cryptocurrencies. They have had a consensus for some time now about a need for global standards in how nations address digital currencies. During the most recent G7 meeting, the US Treasury Department announced that the G7 member nations and other agencies formally agreed to making a strong, determined effort to regulate cryptocurrencies.
Crypto discussions were conducted with the Finance Ministers and heads of Central Banks of Canada, the United States, France, Germany, Italy, the United Kingdom, the European Commission and the Eurogroup. Also in attendance were leaders from the IMF (International Monetary Fund), the World Bank, and Financial Stability Board.
According to US Treasury Secretary Steve Mnuchin, the G7 “discussed ongoing responses to the evolving landscape of crypto assets and other digital assets and national authorities’ work to prevent their use for malign purposes and illicit activities.” This statement seems to be a reference to stablecoins which are cryptocurrencies pegged to fiat currencies.
G7 concerns were initially raised upon the initial announcement about the plans for Facebook’s Libra digital coin (now known as Diem). As news continues to arise about its upcoming launch in January 2021, the level of urgency to coordinate global crypto regulations appears to have regained momentum.
These talks occurred as countries have advanced digital currency pursuits of their own based on fiat currencies. Normally, efforts to limit free market competition are considered illegal attempts at forming a monopoly, however when central banks enact regulations that provide an advantage for their own digital currencies over others, then it is permitted. It seems that the concept of control is easily understood in different languages among these countries.
This G7 meeting is reminiscent of a scene from the classic film, The Godfather (Part 1). In that scene, there is a meeting of the five families that control organized crime to coordinate their efforts at regulating their sale of illegal narcotics. Implicit in that scene, though not mentioned, is the fact that they are willing to exert force to impose their will on anyone who disagrees or steps out of line with their decisions. Similarly, the G7 functions as a mafia in its own way, deciding the fate of the world when it comes to accessing financial freedom with cryptocurrency.
Never before has there been such an opportunity to grow wealth for people of all backgrounds as with crypto. There is no need to risk one’s well-being trekking across the wilderness to a California gold rush to pan for gold. One need not have massive wealth to invest. Buying low cost or fractional digital coins that can potentially grow in value over time with even small amounts of money has led to massive gains in wealth for some previously non-wealthy individuals. This is the opportunity that the G7 seeks to limit with their talk of coordinated global crypto regulations.
At first there was talk about controlling crypto because of its perceived high risks. Now the real truth can no longer be hidden. Central banks want to control crypto so they can release their own digital coins and have an upper hand in the marketplace. At least now there is transparency of their true intentions.
These efforts are why META 1 Coin operates on a private exchange with highly Secured Party Creditors in a superior jurisdiction. We don’t accept contract attempts by lower-level jurisdictions as we don’t trade digital coins with fictional characters, including corporate fictions. Our coin was designed for Humanity and no nation has jurisdiction over Humanity.
Governments can only regulate trade with fictional entities that are established by various means, such as issuance of passports and state IDs. META 1 Coin provides a service to coin holders that removes these fictional characters so that coins are bought by Humans and not by any particular citizens. These protections are critical to preserving individual freedom and driving abundance for Humanity, especially as corrupt agencies attempt to preserve economic systems that have failed the world until now.