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The leaders of the G20 group gathered in Buenos Aires over the weekend and the cryptocurrency was on the agenda.
A last release was published Sunday to summarize the meeting and part of it required unified regulations and a global approach to digital currencies. As reported by FXstreet, the organization has confirmed its commitment to use all political tools, including the digitization of the global economy and cryptographic resources, to promote global growth.
The publication also said that the leaders of the G20 are trying to "build a system of taxation for cross-border electronic services". Reportedly, they are already working on this system and aim to introduce it next year when Japan will be the president of the summit. After examining the proposals of each member state, a final version of the regulations is expected to be implemented by 2020.
The G20 participants agreed to develop a unified approach to regulatory crypto in accordance with the Financial Action Task Force (FATF) standards;
"We will continue to monitor and, if necessary, address emerging risks and vulnerabilities in the financial system and, through continued regulatory and supervisory cooperation, address fragmentation We look forward to continued progress towards achieving a resilient financial intermediation that is not We will increase efforts to ensure that the potential benefits of technology in the financial sector can be realized while risks are mitigated.We will regulate crypto-assets for money laundering and counter terrorist financing in line with FATF standards and we will take considering other answers, if necessary ",
At the beginning of this year senior officials from the French and German governments issued a letter calling for further discussion on the regulation of cryptocurrencies. Japan, which recently updated its ICO regulations, also called for a unified global approach to digital currencies. Industry leaders have also requested a code of conduct regarding digital resources.
In July, the G20 said that cryptocurrencies do not pose a threat to the global financial system. However, they persevered in monitoring developments in nascent industry. As with most nations and central banks, the biggest concern is money laundering, so the AML and KYC regulations will be at the forefront of every discussion and decision.
The G20 is an international forum for government officials and central bankers in the world's top 20 economies. Member States represent 85% of global economic output, 66% of the world population and 75% of international trade.
Cryptographic markets did not react directly to the news, but withdrew a few percentage points the day they fell to $ 130 billion.
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