Final G-20 Summit Declaration Talks About Crypto-Regulation

Final G-20 Summit Declaration Talks About Crypto-Regulation

G-20 countries might initiate a regulatory oversight regarding cyber-assets. This is an idea they incorporated in a final declaration signed upon the closure of the G-20 summit in Argentina. Paragraph 25 of the document emphasizes the need to regulate bitcoin and its peers. But this is not the end: G-20 countries might elaborate a single tax system for digital assets.

G-20 Summit 2018: WTO, Economic Growth and… Cryptos

At the end of the 2018 G-20 Summit in Buenos Aires, leaders of countries-participants signed the final declaration which calls for the WTO reforming, achievement of the economic growth via political means and… regulation of cryptos.  

In the document, it is mentioned that the regulation of bitcoin and its brethren would create an open and sustainable financial system. Moreover, it is said it will be conducted in line with FATF —Financial Action Task Force — on money laundering.

It is known that cyber-assets all over the world are used by both ordinary users as a payment system and money storage, as well as by malicious actors for laundering money. The latter is what prevents many governments all over the world from embracing cryptos. 

Paragraph 25 talks about creating a resilient financial system, preventing risks and crypto-regulation:

«We will regulate crypto-assets for anti-money laundering and countering the financing of terrorism in line with FATF standards and we will consider other responses as needed.»

Digital Assets Also in the View of G-20

Apart from cryptos, the declaration also says about G-20 intention to create a unified tax system which will take into consideration digital assets. Digital assets are not the same as cryptos but are what banks nowadays use to provide alternative legal ways for payment to bitcoin and altcoins. 

However, all that is stated in the declaration has not been finalized —the ideas will be discussed next year in Japan, while the work itself might be completed by 2020.