G20 Calls For Vigilant Monitoring Over Cryptocurrency
The just concluded G20 summit which was held last week released a report which included an official opinion on vigilant monitoring over cryptocurrency.
The gathering which saw representatives from a total of 19 different nations come together in Buenos Aires to discuss the future of finance and digital economies.
– #Crypto do not pose a global financial stability risk.
– FAFT will clarify in October 2018 how it’s standards apply to crypto-assets (*New relevant date*).
– Financial Stability Board submitted report. — https://t.co/lgCRc44DRm
— SolrFlwr_Token (@SolaFolda) July 22, 2018
According to the communique, technology and cryptocurrency can provide promising opportunities for growth and innovation. However, risks of instability take place as well. The G20 countries said:
“Technological innovations, including those underlying crypto-assets, can deliver significant benefits to the financial system and the broader economy. Crypto-assets do, however, raise issues with respect to consumer and investor protection, market integrity, tax evasion, money laundering and terrorist financing. Crypto-assets lack the key attributes of sovereign currencies. While crypto-assets do not at this point pose a global financial stability risk, we remain vigilant.”
The statement further included a call to action on the part of the Financial Action Task Force (FATF) to clarify and define regulation and to work towards developing the policy to secure consumers investment.
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