A Cryptocurrency Summary from the G20 Meeting

g20 crypto

Last week, the world’s largest economies, the G20 group, met in Buenos Aires, Argentina. One of the main topics of discussion was cryptocurrency trading exchange. The meeting can influence the cryptocurrency market in future. The message passed was not to ban but regulate the cryptocurrency trading exchange market. 

Some key takeaways from this summit include:

1. Cryptocurrency should be accepted by the countries

The participants agreed to recognize the power of crypto to people on the borders of the economic system. They also decided to help governments broaden welfare policies.

2. Nations recognize the end of the traditional economy

The ministers also agreed that it isn’t possible to separate the economy from the digital age. They acknowledged that the traditional economy is changing as well.

3. Regulation is inevitable

The economy is digital, but this doesn’t invalidate the need for regulation. Rules must be imposed since users are real and part of a regulated country.

4. Regulate, not prohibit

The members unanimously agreed to regulate and not ban cryptocurrency. They agreed that digital currency represents a revolution in social organization and the economy. Therefore, they cannot be banned but must be regulated.

5. Regulation won’t prevent technology innovation, but taxation is will

They agreed to regulate the industry without choking the system. The rules must not hinder innovation. However, fees will be imposed during this process.

6. First regulatory tenders will be ready in July

Presidents of the central banks, the Organization for Economic Cooperation and Development and Financial Action Task Force will be responsible for the regulatory proposals.

7. Preventing crimes

Regulatory proposals will focus on the prevention of illicit activity such as avoidance of currency, financing terrorism, money laundering as well as consumer protection.

8. Tracking and KYC

KYC, as well as Digital Identity standards, come in handy when discussing how crypto activities can be tracked to identify where they are coming from or going.

Ufuoma Ogono is a cryptocurrency writer with over 3 years experience in the cryptocurrency industry. She dedicates her time to sharing valuable information to members of the cryptocurrency community.

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