Cryptocurrency regulation was mentioned during a recent G20 meeting in its latest announcement regarding viable development acquired in Argentina. The announcement was shared on the Council of the European Union and European Council’s official website on December 1st. During a meeting on November 30th in Buenos Aires, G20 officials restated concerns about the cryptocurrency industry as well as their overall agenda concerning the future of developmental infrastructure and work. The announcement, which is called “building an agreement for sustainable and fair development,” views crypto as an integral part of a resilient and open financial system that is important for supporting sustainable growth. While we should recognize the importance the cryptocurrency industry has on the global economy, G20 participants said that they would introduce anti-terrorist and anti-money laundering measures per the Financial Action Task Force or FATF standards. G20 attendees took a positive stance on non-banking financial institutions by pointing out the possible benefits technology would bring to the financial sector provided that tech disruptors will manage the risks associated with those benefits. G20 participants are looking forward to their continued progress towards achieving robust non-bank financial settlements. Efforts will be stepped up to make sure any potential technological benefits in the financial sector can be completed while risks are eased. Officials at the G20 meeting have also expressed a softer position on cryptocurrency as they plan to continue using a hands-off approach towards the regulation of crypto. A summary of some of the temporary decisions that were made by dedicated Central Bank Governors and Finance Ministers back in July stated that innovations in technology including underlying cryptocurrency assets will be able to deliver remarkable benefits to the broader economy as well as the financial system. However, the document also raises issues about crypto-assets with respect to investor and consumer protections, terrorist financing, money laundering, and tax evasion. G20 leaders have continued to urge the global community to come up with taxes for cryptocurrencies. They want a tax policy for services related to cross-border electronic payment.
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