Update from G20: officials postpone crypto regulations until July, 2018

Mar 21, 2018

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Despite Carney’s comforting letter shared with the public before the meeting, the world’s economic leaders have decided that a unified cryptocurrency regulation should be drafted latest July, 2018.

, Argentina’s Chief of Central Bank Frederico Sturzenegger released a statement which ensures us that a radical and irrational action against cryptocurrencies is off the table, which is certainly a good news. Moreover, G20 applauded the technological innovation driving cryptos, which could also improve the efficiency of the financial system and our economy, although they prefer to look at our favorite cryptos as assets, instead of currencies. The main issue is with this industry is consumer and investor protection according to Sturzenegger, but he made sure to mention tax evasion, market integrity, money laundering and terrorism financing as well.

The official G20 reads:

“Crypto-assets lack the key attributes of sovereign currencies. At some point they could have financial stability implications. We commit to implement the FATF [Financial Action Task Force] 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.”

Whilst the G20 pledged to apply the standards of FATF, not every country shared the same view on cryptocurrencies. Brazil’s President of Central Bank Ilan Goldfajn expressed that cryptos are not going to be regulated in his country, according to local news providers Anyhow, it looks like the decision making is not in a rush, which we certainly see as a good thing. Like we stated before, a logical and rational regulation approach could make a healthy impact on cryptocurrencies, so now all we have to do is wait until July and hope that the regulators keep their current approach and sanity for the good of the new economy and emerging financial systems.

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