December 4, 2022

France’s Central Bank Governor Discloses G7 Has Digital Assets Regulation in Mind

The Governor of France’s Central Bank, Francois Villeroy de Galhau, announced that the participants at the upcoming G7 meeting held in Germany would address issues surrounding the regulation of digital assets, besides other topics. The bank’s governor said that previous occurrences in the global financial markets showed the need for urgent regulation of the digital asset economy worldwide.

G7 Nations to Address Issues Relating to Regulating the Digital Assets Industry

The Group of Seven (G7) nations would address issues concerning the digital asset industry regulations as France’s Central Bank governor highlights different unregulated events in the industry. The banker highlighted the latest instability in the digital assets market that resulted in the market losing much liquidity.

The French Central Bank’s governor’s statements agree with the previously declared purposes of the G7 to set up a regulatory framework for the emerging asset industry. In late 2020, G7 ministers asked governments to establish stricter legislative supervision of the digital asset industry. The motivation for the 2020 request, reports say, was the increasing adoption of cryptocurrencies by both individual and corporate investment organizations.

When speaking about the need for a regulated digital asset industry, a senior official at the Bank of Japan, Kazushige Kamiyama, highlighted that utilizing stablecoins would make it straightforward to create cross-border payment systems. The Japanese banker said that such provisions would reduce the challenges with nations using conventional settlement systems that use foreign currencies.

Axie Infinity in Another System Hack

Axie Infinity, a Blockchain technology-powered Play-to-Earn gaming developer, announces that a hacker found its way through a part of its system today. The gaming company announced that the cyber-criminals utilized a bot on its server to set up access to a false account that sent erroneous information concerning an ongoing minting activity.

The said bot links to the company’s Discord channel that permits admin members of the account to broadcast automatic information and assign tasks automatically. The reports say that many digital assets projects from Axie Infinity include the compromised bot inside their systems. Different projects’ officials said someone had compromised their administrator accounts on the Discord channel.\

Axie Infinity announced that it had withdrawn the information that said false emergency digital asset mining activities were ongoing. However, it’s still possible for some viewers still have a chance to view the message and need to reopen their Discord software to avoid viewing the erroneous information.

Additionally, Discord said it has eliminated the hacked system from all Its servers and would never announce a sudden mint. It adds that it would keep users and other stakeholders abreast of information relating to the event via their social media channels.

Last month, the P2E gaming developer suffered one of the most severe breaches in the digital assets industry, losing over $620 million. US security agencies alleged that North Korean hackers were responsible for the historic hack.