G20 participants urged to take into account the risks associated with cryptocurrency

By June 10, 2019 21:29

Cryptocurrencies - Coinconomist

The G20 member countries and central banks called on the Financial Stability Board (FSB) and regulators from different countries to assess the risks associated with crypto assets, the Cointelegraph cryptocurrency portal said.

“We ask FCB and standards-setting agencies to monitor risks and review work from additional multilateral responses when necessary,” the meeting’s document says.

Although the G20 participants noted that it was necessary to pay more attention to the risks associated with cryptocurrency, they stressed that the threats to the global financial stability of the cryptocurrency do not pose a threat.

The joint statement also notes that technological innovation, including crypto assets, can provide significant benefits to the financial system and the economy as a whole. At the same time, representatives of the G20 support the creation of a platform for trading cryptocurrencies that protect the interests of users and investors, as well as market integrity.

Adam Back talks about the advantages of the blockchain at the G20 meeting

Note that one of the meeting participants was the inventor of the hashcash health check system and was one of the first to work on Bitcoin (BTC), Adam Beck.

Back talked about the positive use of blockchain, believing that financial institutions would benefit from technology, since this means that international transfers should no longer pass through intermediary banks with questionable creditworthiness.

Back considers Bitcoin and other crypto assets to be the “money of the global Internet,” but does not consider them large enough to influence monetary policy for major currencies such as the euro and the Japanese yen.

G20 meeting result

After the G20 meeting of the G20, the leaders signed a document calling for the Financial Stability Board and global standards-setting bodies to control the risks associated with crypto assets — a warning that, although they can create benefits for the economy, money laundering and terrorist financing are potential by-products.

On the eve of the meeting, lawyers noted that in any G20 strategy there should be a “balance between confidentiality and compliance”.

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By June 10, 2019 21:29