G20 statement refers explicitly to the cryptocurrencies

G20 statement refers explicitly to the cryptocurrencies

Countries in the group are monitoring developments in the sector and ensure that the cryptocurrencies do not represent risks to global financial stability

G20 statement refers explicitly to the cryptocurrencies

By Editorial Staff

The joint statement of the G20 leaders clearly refers to the cryptocurrencies. According to the documents, the leaders will continue to monitor developments in this area and will be watchful regarding possible risks. The evaluation of the countries is that the cryptocurrencies do not represent any risk to the global financial stability.

The document mentions the work that is being carried out by the Committee for Financial Stability (FSB) to reduce risks and protect the market. The group asks the FSB to recommend the need for multilateral responses whenever necessary.

G20 and the cryptoassets: anti-money laundering and the engagement of the interested parties

The G20 countries commit to follow the anti-money laundering guidelines and also to act against terrorism financing. The Group also welcomes possible comments and interpretative guidance of the Financial Action Task Force (FATF).

Additionally, they mention the work of the FSB as it raises possible implications of decentralized financial technologies and how regulators can engage target audiences.  Finally, they declare that will continue the efforts to increase cybernetic resilience.

In early June, Finance ministers from the G20 countries and international agencies gathered to discuss financial regulation and consumer protection. Everything which is stated in the issued declaration was previously discussed at that meeting.

The final statement was in favor of free trade, which is an important topic in front of a world trade war scenario between China and United States. In addition to the cryptocurrencies, the final text covers topics such as the environment, gender inequality, climate change, tax systems and international trade. According to the text, the world economic growth remains low. However, the global economy must have some moderate improvement near the end of this year and in 2020, with favorable financial conditions and stimulus measures. The text also defends macroeconomic and structural policies calibrated and specific for each country’s setting