G20 Summit Participants Agree To Provide Recommendations On Cryptocurrency Regulation By Mid-Year
Leaders of the world’s leading economies have set a final date for proposing cryptocurrency regulation. Writes about this CoinDesk.
In his speech this Tuesday following the meeting of finance ministers at the G20 summit in Buenos Aires, Argentinean central bank chairman Federico Sturzenegger said that the G20 representatives attending the meeting had come to the conclusion that cryptocurrencies should be studied and then regulated.
At the same time, during the conference, he noted that all interested countries should submit their proposals by July this year..
“In July, we should have very substantive and specific proposals, not about what we are going to regulate, but about what data we need,” Sturzenegger said..
Not all G20 states intend to participate in further discussions. So, on Monday, the president of the central bank of Brazil, Ilan Goldfine, announced that cryptocurrencies would not be regulated in his country. As El Cronista explains, Brazil is not obligated to follow the G20 directives regarding cryptocurrencies and other issues..
Today’s decision was largely facilitated by representatives of states wishing to regulate cryptocurrencies, namely France, Germany, the United States and Japan..
They call for considering cryptocurrencies in terms of their impact on crime, investors and the global economy. While representatives from France and Germany argue that digital assets pose significant risks for investors, US and Japanese officials fear most of all that they will be used for illegal activities.
Despite this, representatives of the G20 agree that cryptocurrencies do not pose a threat to financial stability in the world, as the Chairman of the Financial Stability Council Mark Kearney wrote about in his message..
Next meeting on cryptocurrencies is due on Wednesday.
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