G20 and cryptocurrency: participants’ opinions

Cryptocurrency discussions at G20 have been interesting and lively, tells the Russian financial media citing the First Deputy Chairman of the Central Bank of the Russian Federation. The delegates, according to the First Deputy Chair, agreed that digital currencies are less effective than fiat money both as a payment tool and store of value.

Leader of the Financial Stability Board at G20 Klaas Knot went even further (as cited by Bloomberg): “Whether you call it crypto assets, crypto tokens -- definitely not cryptocurrencies -- let that be clear a message as far as I’m concerned.”

The representative of the Central Bank of Argentina (a country which hosts the whole G20 summit this year) has also shared a deadline the participants agreed to set. Before July 2018, the delegates will come up with universal cryptocurrency regulation recommendations and after this date they will start to collect data on the market.

Notably, the members of the discussion have agreed to apply the FATF (Financial Action Task Force) principles to the world of cryptocurrency which means that the measures against money laundering and terrorism financing will be taken on the international level within the framework of the organization with the vast knowledge of this topic.

The representative of Brazil Central Bank told that in his state, the future regulations offered by G20 might not necessarily be applied. This is by far the only member state of G20 showing divergence with the general position.

Another discussion on digital currencies is yet to happen at G20. Bitnewstoday will closely follow international developments in connection with cryptocurrency. In older reports, one can read how the whole discussion went from the stage of France’s concept to an actual event.

Image courtesy of G20 official website