G20 meeting to discuss cryptocurrencies and related risks

The G20 summit will be held in Buenos Aires on March 19 and 20. Attendees include 50 delegation leaders, including 29 finance ministers, 20 central bank governors, and 10 heads of international organizations.

The meeting will address key issues related to global finance, including the global economy and framework for growth, the future of work, infrastructure, financial regulation, international financial architecture, and international taxation, among others.

According to a public document (1), cryptocurrencies is one of the areas which has been included in the agenda. It states:

“The technology behind crypto assets has the potential to promote financial inclusion. At the same time, however, it is important to analyse its implications to financial stability, tax evasion, and financing illegal activities. The issue is an important item on the meeting agenda; delegates will consider a common response that would mitigate the risks without discouraging innovation.”

Reports have been floating in the media about the G20 meeting to focus on cryptocurrencies for quite some time.

The Bank of England Governor Mark Carney and Japan’s vice finance minister for international affairs Masatsugu Asakawa have previously hinted on cryptocurrencies inclusion in the G20 agenda. Last month, French and German finance officials co-authored a letter on the potential risks to investors. U.S. Treasury Secretary Steven Mnuchin underscored his concerns around the use of cryptocurrencies in illicit activities such as money laundering.

(1) https://back-g20.argentina.gob.ar/sites/default/files/media/finance_ministerial_highlights.pdf

Source: Econotimes

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