G20’s Closing Statements On Cryptocurrency And Blockchain

- Advertisement -

The G20 summit in Argentina closed its session with a directive for future development of crypto-asset and blockchain standards, protections, and innovation.

The recent G20 summit in Buenos Aires, Argentina, which took place over March 19-20, 2018, has come to a close. Representatives from around the globe addressed such topics as challenges to the cautiously improving global economy, creating sustainable growth, and fostering innovative economic policy while still exercising prudent restraint with regard to nations still reeling from crisis.

One recurring theme addressed by attendees was blockchain and cryptocurrency. It was determined that cryptocurrency should be classified as an asset, not a currency or security, and it was questioned how much of a risk the new technology poses to the global economic system. Additionally, some policymakers showed avid support for blockchain technology, in the period surrounding the transnational quorum.

Upon the event’s closure this afternoon, the communiqué of the First Meeting of Finance Ministers and Presidents of Central Banks of the G20 was made available to press and the public. Included was 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 system and the economy more broadly. Crypto-assets do, however, raise issues with respect to 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 financial 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 responses as needed.”

In pointing out issues of consumer protection, market stability, illegal activities, and the importance of standards to further development, the G20 highlights areas of intensified focus as a bellwether for future development. 

Lucinda Michele Knapp is a journalist with over fifteen years of experience covering tech, art, and culture in Los Angeles. Her articles have appeared in the Los Angeles Times, Variety, and Out Magazine among others. She spins fire, dispenses grammar advice, and knows kung fu.

- Advertisement -

Like what you read? Follow us on X @Bitnewsbot to receive the latest G20, cryptocurrency or other Ethereum world news.



Previous Articles:

- Advertisement -

Latest

American Engineer Drugged, Robbed in Sophisticated London Crypto Heist

An American software engineer lost approximately $123,000 in cryptocurrency after being drugged and robbed in London.The victim was targeted by an impersonator posing as...

Max Keiser Doubts New Bitcoin Treasuries’ Discipline in Bear Market

Bitcoin-focused companies are increasingly copying the treasury strategy used by Michael Saylor's Strategy.Max Keiser raised doubts about whether these newer companies can maintain commitment...

South Korea Election Puts Crypto Policy at Center of Debate

Nearly one-third of South Koreans hold digital assets, making crypto a vital issue in the upcoming presidential election.Both major parties support crypto exchange-traded funds...

Scottsdale Residents Lose $6M to Crypto Scams; Police Respond

Scottsdale residents have reported losing over $6 million to cryptocurrency Scams in 2024.Authorities say actual losses could be higher, as not all cases are...

Ethereum Bullish Patterns Signal Altseason, 55% Rally Possible

Ethereum is showing two bullish chart patterns against Bitcoin, indicating a possible 30–55% price increase. Crypto analysts say an ETH/BTC rally could spark a broad...

Must Read

A Beginner’s Guide To Cryptocurrency Mining

Cryptocurrency is considered one of the most popular forms of financial assets today. Many of these digital assets operate within blockchain technology which works...