Culminating the G20 summit with statements made about Cryptocurrency and Blockchain
The recent G20 summit which took place in Buenos Aires, Argentina over March 19-20, 2018, has come to an end. Representatives worldwide discussed communicated about such topics as challenges to the steadily advancing global economy, creating sustainable growth, and fostering innovative economic policy while still exercising prudent restraint concerning nations still reeling from crisis.
One theme that was repeatedly spoken by the attendees was blockchain and cryptocurrency. Much of the discussion involved using cryptocurrency as an asset and not as a currency or security, and there were also questions about the risk that the new technology poses to the global economic system. However, some policymakers were keen to support the blockchain technology, in the duration surrounding the transnational quorum.
Once the event ended this afternoon, the minutes of the meeting between the Finance Ministers and Presidents of Central Banks at the G20 summit was made public which mentioned a statement on crypto-assets and digital finance:
“We acknowledge that technological innovation, including that underlying crypto-assets, has the potential to improve the efficiency and inclusiveness of the financial policy and the economy more broadly. Crypto-assets do, however, raise issues concerning consumer and investor protection, market integrity, tax evasion, money laundering and terrorist financing. Crypto-assets lack the key attributes of sovereign currencies. At some point, they could have business stability implications. We commit to implement the FATF standards as they apply to crypto-assets, look forward to the FATF review of those standards, and call on the FATF to advance global implementation. We call on international standard-setting bodies (SSBs) to continue their monitoring of crypto-assets and their risks, according to their mandates, and assess multilateral acknowledgments as needed.”
G20’s primary objective is to point out issues of consumer protection, the stability of the market, illicit activities and the significance of standards helping in further development.