After two intensive days of negotiations and debates, G-20 finance ministers have reached an agreement on cryptocurrency regulations. In a leaked document, the G-20 expresses its concerns about the risks related to cryptocurrencies, but it also knows that the industry must be developed.
G-20 Summit Leaked Document
One of the most important NGO’s related to cryptocurrencies in Argentina, Bitcoin Argentina, has released what it seems to be the official stance taken by the G-20 financial ministries in Buenos Aires.
The document says that G-20 countries acknowledge that crypto-assets have the potential to increase efficiency and improve the financial system and the economy. At the same time, it explains that cryptocurrencies should be regulated due to its relation with criminal activities and other illegal uses.
“We acknowledge that technological innovation, including that underlying crypto-assets, has the potential to improve the efficiency and inclusiveness of the financial system and the economy more broadly. Crypto-assets do, however, raise issues with respect to consumer and investor protection, market integrity, tax evasion, money laundering and terrorist financing.”
The text keeps saying that cryptocurrencies are completely different from sovereign currencies. That’s the true. Cryptocurrencies are not centralized and controlled by a central bank or financial authority. Politics stay away form most of the important virtual currencies in the market.
FATF Standards to Apply on Crypto-Assets
The countries have now a commitment to implement the Financial Action Task Force on Money Laundering (FATF) standards. The document calls on the FATF asking for a review on those standards in order to advance global implementation.
At the same time, the group of 20 countries is calling on international standard-setting bodies (SSBs) to monitor cryptocurrencies and provide the necessary responses.
“We commit to implement the FATF standards as they apply to crypto-assets, look forward to the FATF review of those standards, and call on the FATF to advance global implementation,” keeps saying the document. “We call on international standard-setting bodies (SSBs) to continue their monitoring of crypto-assets and their risks, according to the mandates, and assess multilateral responses as needed.”
Finally, the document explains that the G-20 is waiting for a report on crypto-assets to be ready in July 2018.
“We ask the FSB, in consultation with other SSBs, including CPMI and IOSCO, and FATF to report in July 2018 on their work on crypto-assets.”
Cryptocurrency regulations are going to take place sooner or later. That’s something that can’t be debated. They may be not so hard as in China, but the most important countries are trying to regulate the market. As the document explains, regulations are needed in order to tackle illegal activities around cryptocurrencies.
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