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G20 and cryptocurrency market

12/05/2018
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One of the most important events of the week took place in Buenos Aires. There was a meeting of the heads of the 20 largest countries in the world. Several global problems were considered, cryptocurrency was not overlooked. Following the meeting, the parties agreed on the procedure for further action on the regulation of cryptocurrency turnover.

An important global decision

Cryptocurrencies are a challenge to the modern financial system. States can no longer ignore the emergence of this phenomenon, which was announced at the G20 meeting. During the event, it was decided to create uniform rules for the circulation of digital money. Their development will engage the specialized group Financial Action Task Force (FATF).

The roadmap provides until the summer of 2019 to create a base for the legalization of cryptocurrency and the fight against money laundering through digital financial assets. At the next G20 meeting, the parties will consider the general parameters of the new terms of trade. And already in 2020 it is recommended to adopt international trade standards.

It is too early to talk about clear progress in the legalization of cryptocurrencies, but many investors call the decision a breakthrough decision. For the first time, countries have agreed on a single action plan.

Problems of regulation of the cryptocurrency market

Currently, each state is trying to solve this problem on its own. We have to admit that at a certain stage it became a brake on further development.

Some countries, such as India and Poland, oppose cryptocurrency. Others are in no hurry to make decisions, and leave the situation in limbo. Still others are trying to develop their own rules and regulations. As a result, investors are drowning in a wave of contradictions in regulations. According to the G20 decision, the Financial Action Task Force will develop the uniform regulatory framework.

The organization was created in 1989, and now its members are the 35 largest economies in the world. Although FATF decisions are not binding, they are the basis for the adoption of regional laws and regulations.

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