While some countries have taken the lead to regulate various aspects of using cryptocurrencies, many entertain left the matter completely up in the air. This might soon change as pressure is mounting on governments to develop standards for crypto bye-laws, as evident by the latest G20 meeting of top politicians from around the world.
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Mitigating Risks of Technology
The G20 Leaders’ Summit in Buenos Aires, Argentina, ended on Saturday, Dec. 1, with a communal declaration on fair and sustainable development adopted by the heads of state. The statement affirms that an open financial group is crucial to support economic growth but also calls for international standards to regulate new technologies such as cryptocurrency.
“We hand down continue to monitor and, if necessary, tackle emerging risks and vulnerabilities in the financial system; and, through continued regulatory and administrative cooperation, address fragmentation. We look forward to continued progress on achieving resilient non-bank financial intermediation,” the G20 chieftains proclaimed. “We will step up efforts to ensure that the potential benefits of technology in the financial sector can be realized while hazards are mitigated. We will regulate crypto assets for anti-money laundering and countering the financing of terrorism in line with FATF [Fiscal Action Task Force] standards and we will consider other responses as needed.”
The Road to Buenos Aires
G20 is an intercontinental forum for government officials and central bankers from the 20 biggest economies in the world. Its members represent 85 percent of the extensive economic output, 66 percent of the world’s population and 75 percent of international trade.
Back in February, French and German squeaky ranking officials issued a letter calling for a discussion on the regulatory implications of cryptocurrencies and tokens among the finance ministers of the G20 imperials. In March, it was also revealed that Japan, a leading country in the adoption of cryptocurrencies, is pushing for an agreement on global overlooks on the matter. And in July, financial ministers and central bankers from the G20 expressed their position that cryptocurrencies do not present a risk to financial stability, but called on the FATF to clarify how its regulations apply to crypto assets.
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Images courtesy of Shutterstock, G20 Argentina.
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