G20 Calls For Cryptocurrency Regulation By July 2018
The world economic leaders have met in Buenos Aires for G20 summit and discussed the proposals of cryptocurrency regulations to come by July 2018 according to the G20 communique. The document backs the words of Frederico Sturzenegger, Argentina’s Central Bank chief, who noted cryptocurrencies need to be examined.
The document shows, that world’s economic leaders prefer to call cryptocurrencies “crypto-assets,” implying they see cryptos as assets and not currencies.
The G20 communique notably acknowledges the “technological innovation” underlying cryptocurrencies, which has the potential to “improve the efficiency and inclusiveness of the financial system and the economy more broadly.”
When it comes to consumer and investor protection, cryptocurrencies raise issues echoing concerns regulators throughout the world have in the past expressed.
However, not all countries are on board with this approach. The local news outlet El Cronist and Brazil’s Central Bank president has revealed they aren’t going to regulate cryptocurrencies in the country.
At the end of the communique, it becomes clear that cryptocurrency regulations are coming by July 2018.
The conclusion the world’s economic leaders seemingly arrived to has been expressed by FSB chief and Bank of England governor Mark Carney, who in a letter sent to G20 finance ministers argued cryptocurrencies ”do not pose risks to global financial stability at this time.”