Official: G20 Calls for Cryptocurrency Regulation Recommendations by July 2018

The world’s economic leaders gathered in Buenos Aires, Argentina for the G20 summit, and sought for 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.

Having seen the document, CCN can confirm that rumblings of a crackdown on cryptocurrencies are out of the picture. It shows the world’s economic leaders seemingly 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.”

It reads that cryptocurrencies raise issues when it comes to consumer and investor protection, tax evasion, market integrity, money laundering and terrorism financing, echoing concerns regulators throughout the world have in the past expressed.

The G20 communique goes on to read:

Not all countries are on board with this approach, however. According to local news outlet El Cronista, Brazil’s Central Bank president Ilan Goldfajn has revealed cryptocurrencies won’t be regulated in his country.

At the end of the communique, it becomes clear that cryptocurrency regulations are coming by July 2018. It reads:

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.”

Hat tip to Cassio Gusson and Cristhian Raphael from Criptomoedas F?cil.

Featured image from Shutterstock.