G20 Meeting Discusses About Possible Cryptocurrency Policy

[Goodmens]

Bradley Johnson -
BUENOS AIRES, Argentina – A recent G20 meeting took place in Buenos Aires to talk about a possible global policy on cryptocurrency. The meeting was attended by most member nations except for Switzerland, Singapore, Gibraltar, and Bermuda – nations that are most vocal as blockchain-friendly jurisdictions.

In the meeting, the international forum discussed about possible models that can guide the cryptocurrency industry.

John Collins, president of consulting firm Red Flag USA and Coinbase’s former head of policy for crypto exchange, cited the Financial Action Task Force (FATF). FATF is an intergovernmental body committed to fight money laundering and terrorism financing.

During the G20 meeting, the nations said they will implement the standards of FATF as these standards also apply to cryptoassets.

Nations which are found to be uncooperative with FATF standards may face being blacklisted. It will also become harder for the citizens of that nation to open bank accounts in foreign countries and send money abroad, and they would be paying higher interests in finances.

However, AML lawyer in Canada, Christine Duhaime, said that the G20 is taking a circular approach when applying these general standards meant for traditional financial system to a completely different world like cryptocurrency.

The G20 meeting concluded that cryptocurrencies needed to be examined. In a press conference by Federico Sturzenegger, Argentina’s central bank chief, he said that the member nations agreed that they still need more information about the industry before they can give their recommendations. The international forum set a deadline in July to decide on what data are needed.

They also tackled the recommendation of the Organisation for Economic Co-operation and Development (OECD) to apply tax consequences to cryptocurrencies.

Collins said that it is theoretically possible to have a global policy on cryptocurrency, but its success will depend on the business model. However, Collins also recognized that cryptocurrency is more difficult compared to other industries because its core goal is decentralizing power structures.

Collins added that in crafting a global policy, it is important to consider the entry and exit points of cryptocurrency to the financial system. Thus, crypto business might lead to a new paradigm that these leaders in the G20 meeting need to address head on.

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[Rath_]

If the ninety of the most wealthy countries and European Union are concerned about Bitcoin then we can be sure that cryptocurrencies are slowly becoming treated more and more seriously. Regulations are needed if we want to attract more investors. Many people actually think the opposite and they would like to avoid regulating Bitcoin as much as possible. There is no reason to worry, the only thing they can do is making cashing out more difficult for ordinary people. As far as I know, some of the G20 countries already declared that they are going to support Bitcoin, in terms of friendly legislation.

[Goodmens]

If ninety the most wealthy countries and European Union are concerned about Bitcoin then we can be sure that cryptocurrencies are slowly becoming treated more and more seriously. Regulations are needed if we want to attract more investors. Many people actually think the opposite and they would like to avoid regulating Bitcoin as much as possible. There is no reason to worry, the only thing they can do is making cashing out more difficult for ordinary people. As far as I know, some of the G20 countries already declared that they are going to support Bitcoin, in terms of friendly legislation.

Good point. The US considers it as a tradable commodity. Hopefully other countries can adapt and adopt the idea that Cryptocurrenies in general are here to stay and can impact the lives globally.

[seoincorporation]

Sounds good to me. As long as the cryptocurrencies are being taken into consideration more and more enterprises and even small business will be able to see the profits they can have by using it. Of course, if you are a small entrepreneur, you will need some guarantees before even entering the crypto world. I think this meeting is going to be historically remembered as one of the first time in history when the crypto began to be on the mouth of everybody. I rather prefer to see crypto on big political discussion than on ads an announcements like "Earn free money", for those are giving crypto a bad image. Besides, the conversations having place about the crypto seems to seek a way of living together with them, instead of looking how to destroy them. This is, then, accepted, than the cryptocurrencies are here to stay and that all we need now is just to give them their correct place.

[surfinonmyownwavebaby]

If ninety the most wealthy countries and European Union are concerned about Bitcoin then we can be sure that cryptocurrencies are slowly becoming treated more and more seriously. Regulations are needed if we want to attract more investors. Many people actually think the opposite and they would like to avoid regulating Bitcoin as much as possible. There is no reason to worry, the only thing they can do is making cashing out more difficult for ordinary people. As far as I know, some of the G20 countries already declared that they are going to support Bitcoin, in terms of friendly legislation.

Good point. The US considers it as a tradable commodity. Hopefully other countries can adapt and adopt the idea that Cryptocurrenies in general are here to stay and can impact the lives globally.

Depends what department you ask in the United States funnily enough. They have consider it money, security, commodity, and there are a couple others but I forget off the top of my head. Pretty hilarious though .

[SHawk]

If the aftermath effect of this G20 as we are looking at it turns out positively for Bitcoin, I feel the fear of FUD and some other rumor hampering the flow of Bitcoin and its uses throughout the  world shall barely be reduced to the last minimum giving Bitcoin a strong support from Governments and individuals that have deals in Bitcoin in one form or the other. By then, every Bitcoinner shall have a greater say or chance in their society.

[Hydrogen]

During the G20 meeting, the nations said they will implement the standards of FATF as these standards also apply to cryptoassets.

Nations which are found to be uncooperative with FATF standards may face being blacklisted. It will also become harder for the citizens of that nation to open bank accounts in foreign countries and send money abroad, and they would be paying higher interests in finances.

I'm not 100% certain about the bolded part. It almost sounds like they are planning to impose economic sanctions against uncooperative countries which could be a somewhat drastic and severe measure.

Also if the G20 follows through with these measures it could drive people to embrace crypto currencies more as they seek ways to circumvent what could be considered overbearing and unfair regulatory practices on the part of collective states.

The G20 meeting concluded that cryptocurrencies needed to be examined. In a press conference by Federico Sturzenegger, Argentina’s central bank chief, he said that the member nations agreed that they still need more information about the industry before they can give their recommendations. The international forum set a deadline in July to decide on what data are needed.

Argentina is interesting in that I think the region identifies largely as being 80% roman catholic. Yet, Argentina was one of the first to pass gay marriage years ago. Argentina may be somewhat progressive and bold with the legislation it passes and so I'm not certain if this can apply to the rest of the G20.

[GeorgiyBilyk]

it is very good that this issue is studying the issue of the crypto market, as well as a lot of attention to it! they understand that development will not stop and it will grow in geometric progression! The bad thing is they will create laws that will limit the activity, as well as trying to regulate the crypto market!

[Goodmens]

it is very good that this issue is studying the issue of the crypto market, as well as a lot of attention to it! they understand that development will not stop and it will grow in geometric progression! The bad thing is they will create laws that will limit the activity, as well as trying to regulate the crypto market!

It could be a positive outcome as well. We are seeing more scammers enter the crypto scene. A good way (one of many ways) to monetize negative activity is to regulate a certain aspect of the markets.