Breaking News

Clandestine cryptocurrency plan goes on the G20 Washington summit agenda

The G20 is the world’s 20 largest economy group. This year it has begun discussions on the establishment of a regulatory plan for the cryptocurrency market. These discussions will continue this week.

At the G20 summit held in Buenos Aires, capital of Argentina in early March of this year, relevant discussions on blockchains and cryptocurrencies were conducted. Among them are several positive developments, including the recognition of the importance of cryptocurrencies by national leaders, and the role of blockchain and cryptocurrency in reforming many banking processes.

In order for the country to fully adopt this technology, regulators believe that it is necessary to construct regulatory provisions to prevent the cryptocurrency industry from being used by criminal groups to commit crimes and protect users from fraud. However, the G20 stressed that the proposed regulation should not be too restrictive and hinder the development of technology. In addition, the first practical regulatory proposal will be presented at the third meeting of finance ministers and central bank governors of the new round of G20 summit held in Buenos Aires in June this year.

At present, the global economic leaders will meet in the second G20 meeting of finance ministers and central bank governors in Washington, D.C., from April 19th to 20th. At that time, they will formulate specific policies and continue to discuss last month in Bueno. The project proposed on the agenda of the summit held by Allis. Therefore, the proposal to regulate the cryptocurrency market is expected to be the focus of the agenda together with other topics on the global agenda such as protectionism and the impact that the escalation of the Syrian conflict may have on global finance.

The International Monetary Fund (IMF) and the World Bank Group will also participate in the conference. At that time, 55 delegations will attend, including 22 finance ministers, 18 central bank presidents, and 9 international organizations. leader. The meeting was held after the third meeting of the G20 finance ministers held on April 18. Its agenda includes discussing the future of global commerce and the risks facing the global economy, including financial vulnerabilities.

As one of the three key projects of the 2018 Argentina presidency of the G20, the debate on future work will focus on the current and potential impact of the new technologies on the job market, growth and employment, with special focus on inclusiveness, fairness and gender equality. The goal is to reach a consensus and make progress in the development of public policy documents, which will be announced in June. The first practical proposal for cryptocurrency regulation will be put forward.

Participants will assess recent financial developments to determine the risks of the global economy and develop appropriate preventive measures to take the necessary actions in the realization of the situation. In addition, a conference with the African Compact (CWA) will be held. This is an initiative initiated by the G20 Germany in 2017 to promote the private sector investment in Africa.