G20 summit sheds light on crypto benefits and money laundering norms
The grand congregation of G20 summit, held at Buenos Aires, Argentina on 21st-22nd July, 2018 made crypto a crucial topic of discussion. Currently, the market is showing a positive outlook as unemployment is low and financial progress is quite high. However, with this progress, increased risks are also been associated especially in the crypto domain.
The G20 Summit discussion
At the summit, the G20 member nations expressed their optimism towards cryptocurrency in the worldwide economy that generated crypto news. The members affirmed that the innovations in the field of technology supporting digital assets, may bring “significant benefits” to the economy. However, matters of protection of the investors and consumers have equally been highlighted in the official document.
Besides, attention of the member states has been drawn towards issues like tax evasion and market integrity. They have also placed on the surface issues concerning money laundering along with financing acts of terrorism. In the official document, G20 member states have stated, “Crypto-assets lack the key attributes of sovereign currencies. While crypto-assets do not at this point pose a global financial stability risk, we remain vigilant.”
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During the discourse at G20 summit, the member nations selected a deadline in October for analysing the worldwide anti-money laundering guideline. In the discussion, central bank governors of the G20 members and their respective finance ministers unanimously took a stand on “vigilant” overseeing of cryptocurrency. For the purpose of accelerating the vigilance on digital currencies, the G20 members expressed their reliance on Financial Action Task Force.
As per the official statement of the member states in the document, “We reiterate our March commitments related to the implementation of the FATF standards and we ask the FATF to clarify in October 2018 how its standards apply to crypto-assets.”
An organisation namely Financial Stability Board is primarily responsible to provide suggestions to G20 members on financial systems, regulated globally. Prior to the weekend deliberation, the Board prepared and produced multiple key metrics for invigilating crypto assets. This step came as a reply to the request made by G20 earlier in March, 2018.
Image via Google
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