G20 To Discuss Cryptocurrencies

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G20 To Discuss Cryptocurrencies

G20 to discuss Cryptocurrencies

The cryptocurrency community is positive with the upcoming G20 summit as the segment's future and regulation could be in the discussion by the leaders of the most important economies of the world.

Leaders of 19 countries along with the European Union meet once a year to talk over the issues related to the global economy, investment, trade, climate change, employment, counter-terrorism, refugees, migration, digitalization, energy, development and more. The group was earlier called Summit on Financial Markets and the World Economy.

The official agenda of the next G20 meet has not yet been announced, but Japanese Prime Minister Shinzo Abe said the digital economy will be discussed with respect to how the segment should be addressed by countries from an institutional perspective. Blockchain technology could be the central element of the discussions.

The discussion on cryptocurrency has been always the thread in the past G20 meetings and the leaders intended to regulate the segment in December 2018 for countering terrorism financing and anti-money laundering.

The Financial Stability Board (FSB) earlier mentioned crypto assets are not posing risks to global financial stability due to their small size and cannot become a substitute to the traditional currencies. It further mentioned that the crypto market is growing and evolving rapidly, and the current assessment could change. Another aspect expected to be discussed at the G20 summit is the taxation of cryptocurrencies.

However, it is rumored that a proposal could be introduced related to the cryptocurrency rule and a handbook of regulations could be presented to act as the basis of respective national rules. Countries could be building up their own experiences to address the risks of crypto assets. A couple of past reports reveal fight against terrorism financing and anti-money laundering could be a priority for the EU.

About G20

G20 is the acronym for Group of Twenty and is composed of some of the largest economies of the world. In brief, it is an intergovernmental forum of 19 countries and the EU. It was founded in 1999 to address the economic crisis and meets at least once a year.

The primary focus of G20 is governance of the global economy and the annual theme changes. Building and Sustaining Prosperity was the theme of the 2006 summit.

Following the G7 finance ministers meeting in late 2008, the then US President George W. Bush said the next G20 summit would be important to finding solutions to the global economic crisis.

It was held in Washington DC. In the next two successive years, the summit was held twice a year.

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