G20 Leaders Declare Commitment to Regulate Crypto Assets Soon

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While some countries have taken the lead to regulate various  aspects of using cryptocurrencies, many have left the matter completely  up in the air. This might soon change as pressure is mounting on  governments to develop standards for crypto regulations, as evident by  the latest G20 meeting of top politicians from around the world.
 Also Read: Research Exposes Anti-Bitcoin Bias in Mainstream Media 

Mitigating Risks of Technology

The  G20 Leaders’ Summit in Buenos Aires, Argentina, ended on Saturday, Dec.  1, with a joint declaration on fair and sustainable development adopted  by the heads of state. The statement affirms that an open financial  system is crucial to support economic growth but also calls for  international standards to regulate new technologies such as  cryptocurrency. “We will continue to monitor and, if necessary, tackle emerging risks  and vulnerabilities in the financial system; and, through continued  regulatory and supervisory cooperation, address fragmentation. We look  forward to continued progress on achieving resilient non-bank financial  intermediation,” the G20 leaders proclaimed. “We will step up efforts to  ensure that the potential benefits of technology in the financial  sector can be realized while risks are mitigated. We will regulate  crypto assets for anti-money laundering and countering the financing of  terrorism in line with FATF [Financial Action Task Force] standards and  we will consider other responses as needed.” 

The Road to Buenos Aires

G20  is an international forum for government officials and central bankers  from the 20 biggest economies in the world. Its members represent 85  percent of the global economic output, 66 percent of the world’s  population and 75 percent of international trade. Back in February, French and German high ranking officials issued a letter calling for a discussion  on the regulatory implications of cryptocurrencies and tokens among the  finance ministers of the G20 states. In March, it was also revealed  that Japan, a leading country in the adoption of cryptocurrencies, is  pushing for an agreement on global rules on the matter. And in July,  financial ministers and central bankers from the G20 expressed their  position that cryptocurrencies do not pose a risk to financial stability, but called on the FATF to clarify how its regulations apply to crypto assets. 

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Article Source:news.bitcoin.com

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