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The best guardians of the global financial system are taking a step towards cryptocurrency. However, they have their infantry swarm to counter in time
"Technological innovations, including those based on cryptocurrencies, can bring significant benefits to the financial system and the economy as a whole," they write.
G20 Finance Ministers and Heads of Central Banks issued their final communiqué after their meeting last weekend in Buenos Aires, Argentina.
"While crypto-badets are not a risk of global financial stability for the time being, we remain vigilant," say the financial experts of the twenty largest industrial and financial institutions
Emerging markets.
What looks like a first-clbad knightly title for cryptocurrency advocates is put into perspective by a G20 statement under item 10 of the final document. He says:
"Crypto Assets" lacked key attributes of sovereign currencies.
G20 officials and central bankers cite the problems they see in cryptocurrency: consumer and investor protection, market integrity, tax evasion, money laundering, and the financing of terrorism.
According to the Final Declaration, G20 actors do not currently recommend "multilateral responses" to cryptocurrencies. They rely on the monitoring reports of their Financial Chain Dogs
Action Task Force (FATF) and the Financial Stability Board (FSB). The FSB, based in Basel, Switzerland, was founded by the G20 in 2009,
take care of the global financial system.
The FATF should explain to the G20 Expert Group in October 2018 how their standards are compatible with cryptocurrencies. FATF is developing rules for crypto exchanges, which will become mandatory
avoid money laundering and detect suspicious trading activities. The FATF working group is the G20's leading international anti-money laundering institution
and is based in OECD in Paris.
Source:
G20
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