Cryptocurrency regulations on the agenda for world finance leaders at G20 summit

by Osiris Team


Posted on June 10, 2019, 5:45 p.m.
Regulatory
Time to read: 3 min
All

On June 9, finance ministers and central bank governors from the countries representing the G20 ended a two-day meeting that took place in Fukuoka, Japan. Most notably, they focused on global economic headwinds caused by intensified trade and geopolitical risks. Nevertheless, they also found time to discuss digital assets and regulations.

Top financial policymakers from the 20 world’s largest economies came to Fukuoka for the pre-meeting before a G20 global summit which will be held in Osaka on June 28-29. Among other invited participants, there were many global organizations like the IMF, the World Bank, the World Trade Organization, and the UN. All were keen to discuss cryptocurrency, blockchain, and related regulatory issues.

In a final statement, the G20 finance minister and central bank heads claimed that cryptocurrencies ‘can deliver significant benefits to the financial system and the broader economy.’ They believe that ‘crypto-assets do not pose a threat to global financial stability at this point,’ although they added that they will ‘remain vigilant to risks.’

Among other significant topics, the finance leaders highlighted that intensifying trade tensions pose a serious risk for the global economy. Also, the G20, for the first time, discussed the challenges for the global economy posed by population aging. Another key topic was the reform of international tax policies as they pertain to giants of technology like Facebook, Google, and Amazon.

Notably, at the G20 High-Level Seminar on new technologies, Christine Lagarde, the IMF head, also mentioned digital assets. Her speech, promisingly titled ‘The Next Steps for International Cooperation in Fintech,’ she stressed the importance of a harmonized regulatory approach to cryptocurrency assets.

“It is critical to continue the international dialogue on fintech. Integrating different national approaches to crypto-assets, non-bank fintech intermediaries, and the governance of data is crucial,” she pleaded.

Several international organizations are currently working on setting global regulatory standards and recommendations for digital assets. The G20 countries already recognize the Financial Action Task Force (FATF) as one such standard-setting global body in the areas of anti-money laundering and crypto assets. Another suggestion under consideration is creating a registry of cryptocurrency exchange operators on the G20 level.

Developments like this, if adopted by G20 Summit participants, have the potential to change the landscape of the cryptocurrency space and carry it into the mainstream. It’s a good sign that the world’s leaders slowly but steadily are starting to focus on crypto.


Related links:
Source
Like and comment it on:

More cryptocurrency news

Latest news

Ripple leads investment in Mexico's Bitso exchange to develop LatAm markets

Mexico-based cryptocurrency exchange Bitso has raised capital from a number of major investors including Ripple, Coinbase, and Jump Capital to help it expand into Latin America.


Development
XRP

Oct. 15, 2019, 3:09 p.m.

UNICEF will not convert Bitcoin and Ethereum donations to fiat

The UNICEF is rolling out a pilot program to accept cryptocurrency donations—and won’t be converting the raised funds to cash.


Development
BTC ETH

Oct. 14, 2019, 3:01 p.m.

CFTC chair says ETH is a commodity and anticipates ETH derivatives to trade in the US soon

The Commodity Futures Trading Commission chair believes that Ethereum is a commodity, according to Yahoo Finance.


Adoption Development Regulatory
ETH

Oct. 11, 2019, 7:55 p.m.

Finastra, the third largest fintech firm in the world, joins RippleNet

Ripple announced on Wednesday a collaboration with UK-based Finastra, reportedly the third-largest FinTech firm in the world, to allow Finastra's customers access to RippleNet, Ripple's global payment network, for faster, cheaper, and more reliable cross-border payments.


Development
XRP

Oct. 10, 2019, 9:02 p.m.

Binance announces WeChat, Alipay support for Bitcoin purchases

Malta-based cryptocurrency exchange, Binance, has added WeChat and Alipay as payment methods on its platform.


Adoption Development
BTC

Oct. 9, 2019, 11:44 a.m.

Follow us