G20 Leaders: Crypto Assets Do not Pose a Threat

Asia Blockchain Review
July 17, 2019

G20 leaders have signed a joint statement declaring a common policy front on several global agendas, including crypto assets. 

The joint declaration mostly adheres to the joint communiqué published by G20 finance ministers and central bank governors issued following their meeting in Fukuoka, Japan on June 9th.

Cryptocurrencies Accepted as Potential Economic Tool

According to a report by Cointelegraph, the G20 declaration states its member countries do not consider cryptocurrencies to be a threat to monetary stability. Instead, they are now convinced that these virtual tokens can greatly benefit the global economy. The joint statement reads: 

“Technological innovations, including those underlying crypto-assets, can deliver significant benefits to the financial system and the broader economy. While crypto-assets do not pose a threat to global financial stability at this point, we remain vigilant to risks, including those related to consumer and investor protection, anti-money laundering (AML) and countering the financing of terrorism (CFT).”  

G20 Members Will Apply New FATF Rules to Cryptocurrencies

Nonetheless, the declaration also reaffirmed that the group is determined to abide by anti-money laundering (AML) and countering the financing of terrorism (CFT) standards set by the Financial Action Task Force (FATF) for cryptocurrencies. In addition, member nations have also committed to addressing cybersecurity issues. 

Aside from crypto assets, the declaration covers other global issues including corruption, inequality, and inadequate labor conditions.

This year, the G20 summit was organized in Osaka, Japan June 28th – 29th this year, featuring discussion ranging from the global economy, trade and investment, innovation, digitization, and global finance.

Source: https://cointelegraph.com 

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