G20:Regulation of Cryptocurrencies

The Group of Twenty (G20) will meet in Japan. This meeting, which will be held next June, will be done in order to discuss measures that should be put in place in the fight against money laundering and terrorist financing for the cryptocurrency sector.

In December 2018, remember that in Buenos Aires, G20 members have already committed to creating a new tax system for cryptocurrencies. Members called for monitoring progress and developing a comprehensive regulatory framework, citing issues related to tax evasion, money laundering and terrorist financing.

G20 said:

“We will intensify our efforts so that the benefits of technology in the financial sector can be exploited while mitigating risks. We will regulate cryptographic assets for the fight against money laundering and terrorist financing in accordance with FATF standards and we will consider other solutions, if necessary. “

Finally, they will talk about it

Members will revisit the issue at the next G20 summit in Osaka, Japan in the summer of 2019, and hope to propose a final version by 2020. Actually, on June 8 and 9, 2019, the city of Fukuoka will host the G20 Finance Ministers and Central Bankers’ Meeting followed by the Heads of State Summit in Osaka on June 28-29. The G20 members have the goal of agreeing on new regulations to fight against money laundering and terrorist financing arising from crypto-assets like Bitcoin according to YahooJapan.

Source image: USnews, Saul Loeb/AFP/ getty image

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