G20 to discuss global regulatory framework for cryptocurrency

CRYPTOCURRENCY TO HEADLINE G20 DISCUSSIONS

The G20 is set to hold two separate discussions on cryptocurrencies next week in an effort to seek what representatives call a “common response” on regulation.

A media representative for next week’s summit, to be hosted by Argentina, which currently holds the G20 presidency, said that the first meeting will take place Monday. The talks will feature Argentina Treasury Minister Nicolás Dujovne and Organisation for Economic Co-operation and Development (OECD) Secretary-General José Angel Gurría, among other stakeholders.

A second discussion will happen on Tuesday, the rep told CoinDesk.

The agenda and talking points for the two discussions have not been released. However, a public document indicates that the discussions will revolve around the implications of cryptocurrencies and the potential applications of its underlying technology.

“The issue is an important item on the meeting agenda; delegates will consider a common response that would mitigate the risks without discouraging innovation,” it argues.

The document notes that blockchain “has the potential to promote financial inclusion.” However, it goes on to argue that “it is important to analyze its implications to financial stability, tax evasion and financial illegal activities.”

Finance officials from the U.S., Germany, France and Japan have all called for the discussions to take place in the months leading up to the G20 summit.

U.S. Treasury Secretary Steven Mnuchin said his concerns revolve around the use of cryptocurrencies in illegal activities like money laundering, while French and German finance officials co-wrote a letter in February that sounded the alarm on potential risks to investors.

Images courtesy of Bitcoinist archives, Shutterstock

Source: coindesk