Japan to Call for G20 Action on Crypto Money Laundering 586
Asia
Kalpana
Mar 14, 2018 at 12:21 PM

As per a Japan government official reports, Japan wants some serious involvement of G20 members to fight against digital currency-utilized money laundering and to strengthen security measures.

According to speculation, Japan might ask G20 members for the help in near around. But whether Japan will get help or not it’s under the cloud.

Well, Japan concern with the check on money laundering is valid as given the case that only 0.17% of all the money laundering money cases has make-up till now in the country.

In fact, Japan is the first country to operate some strict regulation on cryptocurrency. It passed its legislation last year, stating that it required digital currency exchange to be registered and subject them for inspection.

Meanwhile, an official statement from G20 highlights this,

“Discussions will focus on anti-money laundering steps and consumer protection, rather than how cryptocurrency trading could affect the banking system. The general feeling among the G20 members is that applying too stringent regulations won’t be good.”

It is speculated, that in the forthcoming G20 summit holding in Buenos Aires, Argentina, next week where the Finance ministers and central bankers from the most powerful economies are gathering to meet might discuss cryptocurrency.

If reports to be believed, France and Germany are planning to put forward a joint proposal for the strict regulation of the cryptocurrency market. Their proposals are said to dealing with money laundering, consumer protection and the financing of terrorism. And some rules will also be proposed to prevent banks from holding cryptocurrency.

The strict steps proposal by this two major European country’s was expected, given that both the countries finance ministers have expressed deep concern over the use of cryptocurrency worldwide.

The three big countries; Japan, France, and Germany are supposed to face lack of support from rest of the country members as still now the majority of the members' group have never expressed a quint of interest in imposing any strict regulation on cryptocurrency exchange. For the matter of concern, many countries would not like the proposal of imposing harsh rules on a budding market which is yet to expand.

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