G20 summit 2018: crypto agenda: KYC and AML

[abhinav94]

The Crypto G20 summit next week will focus on increasing the efforts to protect the consumer interests through AML and KYC requirements. The FATF will also report its finding on keeping from the use of cryptocurrency for money laundering.

https://coingape.com/g20-meeting-crypto-g20-focus-on-money-laundering-issues/

[dado7]

KYC seems a good idea from one perspective, but not so good on the other as scammers will have a more legit support to ask for our phone numbers, documents etc...... What do you think?

Money laundering is always a problem, it's not crypto-reserved.

[Kprawn]

Look at the definition of Money laundering : It is the process of disguising the proceeds of crime and integrating it into the

legitimate financial system. Before proceeds of crime are laundered, it is problematic for criminals to use the illicit money

because they cannot explain where it came from and it is easier to trace it back to the crime.

Prostitution is illegal in the vast majority of the United States. How does all that money get into the financial system? They are

not using Bitcoin. 

Overall spending on illegal substances remained consistent at roughly $100 billion per year in the US. How much of that

money goes through Bitcoin? {Bitcoin only have a Market Cap of $139 091 466 970 USD}

[asrinur]

I heard from a fairly reliable source that the outcome of the meeting will determine the regulation of cryptocurrency in G20 member countries, support or refuse.

[hashshashin]

The good news is that they are considering all options and will weigh the advantages and disadvantages of regulation. The main issue is the fight against money laundering, and not how to prohibit crypto-currencies and how they will affect the banking system.

[ashfer]

G20 summit crypto agent to KYC and AML is definitely not going to be a good idea for crypto market as there are lot of investors who show interest on btc just because it is a decentralised platform.I don't feel it as something sensible to say that the people involved in money laundering are involved in crypto market because if they have to make an investment they will have to transfer funds from their banks and where as banks always keep crossed checked on from where the money came as well as the income tax department also keeps a close eye on the flow of funds so i feel it is really foolish to think that money laundering is done these days with help of crypto

[bitfocus]

Implementing KYC and AML would help to stop scammers if the KYC thing remains on trustworthy 3rd party service.

[sindikat]

I don't expect anything good from this summit. Many cryptocurrency users believe that approval of cryptocurrency use by the government can change the situation for the better. But it is not. The emergence of strict rules in the cryptocurrency market can significantly reduce interest in this asset. We can see a further drop in prices, even if we make a positive decision.

[dothebeats]

While I have this notion that every government interference with crypto is bad, this summit might turn out to be in favor of all crypto-activities while limiting fraud and wrong-doings as their main objective. It seems far-fetched for the nations to exert effort in combating ill actions for the betterment of crypto but let's admit it, legalization and acknowledgment from the government and financial sector could help bitcoin mature and gain even more attention from people who are afraid on investing and using it. I don't have high hopes about this, but this can still be good for crypto in general.

[brooklynian]

The outcome of the G20 summit and the consequent regulation of the cryptocurrency world may mean so much. The fight against money laundry and terrorism financing is a big one. Apart from the fact that this regulations may infring on people's privacy, it may be able to build trust for cryptocurrency globally which will mean more corporate investment.

[partyush]

G20 Summit 2018: What Will Be The Future Of Cryptocurrency?

As G20 summit 2018 approaches in March 19th & 20th, 2018 with cryptocurrency on its agenda, we studied the take of its member nations on the crypto market to understand the possible outcomes.

big decisions for crypto market coming up: https://coingape.com/g20-summit-2018-cryptocurrency-agenda/

[GeorgiyBilyk]

you can now breathe freely! The Samite was told that the crypto world and bitcoin do not pose a threat to the global economy! And because of this against this background, the market immediately reacted upwards! I hope now only positive news will begin!

[DdmrDdmr]

The pre-summit documentation used to brief the meetings seems to point out that Cryptocurrency does not pose a risk to the global financial system as yet. Nevertheless, if it becomes more mainstream and interconnected to the rest of the financial sectors, then the previous assertion would need to be revised.

Were they do want to act upon with haste is all the illegal activity that it harbours.

In summary, they will keep looking into it, aiming initially at illegalities, whilst keeping a lookout for the crossed implications with current commodity financial instruments.

So long as market value is still low in relation to World Global Product (around 1% back at peak time during December), and product readiness for FIAT substitution in day to day commerce is not close at hand, it won’t pose as a global economy threat.

Ofcourse that is in the short run. In the long run we’ll see how it plays out. What’s for sure is that every G-20 Summit where the subject crops up we’ll have to hold our breath.