Yesterday Tuesday March 20th, meeting of finance ministers was held in Argentina, where Representatives from G20 countries met. Crypto regulations was one of the main thing discussed at the meeting.
Argentina Central Bank chair Frederico Sturzenegger said the member nations present agreed that cryptocurrencies needed to be examined, but that more information was needed before any regulations could be proposed.
Moreover, during the press conference, he noted that the members had a firm deadline in July for recommendations, saying:
“In July we have to offer very concrete, very specific recommendations on, not ‘what do we regulate?’ but ‘what is the data we need?'”
Although not every nation is in line with this plan as Brazil Central Bank president Ilan Goldfajn said cryptocurrencies will not be regulated in his country, according to news service El Cronista.
See Also: Cryptocurrency not a risk to world financial stability – G20
However, in the main time, the G20 pledged to apply the standards of the Financial Action Task Force (FATF) – an intergovernmental body formed to fight money laundering and terrorist financing – to cryptocurrency.
In statement released Tuesday afternoon, the G20 said:
“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.”
The calls for a closer look at cryptocurrencies by France, Germany, the U.S. and Japan over the last several months is what inspired the discussions. As Germany, Japan, US et al are all scared of the financial damages crypto could possibly have on their economy. Also is the threat of its financial crime. Despite Bank of England head Mark Carney, who also chairs the G20’s Financial Stability Board, writing on Sunday that “crypto-assets do not pose risks to global financial stability at this time,” citing the relative size of the overall market cap.
Read Also: Coinbase Opens Account With Barclays Bank
A second meeting is expected to take place tomorrow, hosted through the G20 President’s office. And The world’s economic leaders have set a July deadline for the first step toward unified regulation of cryptocurrency.
However, more news is expected to be reported after tomorrows meeting. Subscribe to our newsletter below for the latest crypto news.