The G20 asks for recommendations on crypto-regulation by June 2018

Speaking on Tuesday after the meeting of finance ministers of the G20 in Buenos Aires, Argentine Central Bank President Federico Sturzenegger said that the member countries present agreed that cryptocurrencies should be examined, but that more information was needed before any regulation could be proposed.

However, during the press conference, he noted that members had a firm deadline in July for the recommendations, saying:

“In July we have to offer very specific and very specific recommendations on, not ‘what do we regulate?’ but ‘what data do we need?’

Not all nations are on board with this plan. On Monday, the president of the Central Bank of Brazil, Ilan Goldfajn, said that the cryptocurrencies will not be regulated in his country, according to the news service El Cronista. The publication also reported that Brazil would not necessarily be following the rules delineated by the G20, in cryptocurrencies or other issues.

Meanwhile, the G20 committed to applying the Financial Action Task Force (FATF) standards – an intergovernmental body formed to combat money laundering and terrorist financing – to cryptocurrency.

In a statement released on Tuesday afternoon, the G20 said:

“We are committed to implementing the FATF standards as they apply to crypto-assets, we expect the FATF review of those standards and we request the FATF to advance in the global implementation. We call on the international standardization bodies (EEA) to continue their activities. Monitor crypto-assets and their risks, in accordance with their mandates, and evaluate multilateral responses as necessary. “

The discussions were inspired in part by calls for a closer look at cryptocurrencies by France, Germany, the United States and Japan in recent months.

Central bankers and government officials have advocated for a close look at the impact that cryptocurrencies could have on crime, investors and the global economy. While finance officials from France and Germany said in a joint letter that cryptocurrencies “could pose substantial risks to investors,” US Treasury Secretary Steven Mnuchin and an anonymous Japanese government official expressed concern about their use in activities Illegal

However, where the main regulators seem to agree is in the impact of the cryptocurrency in the global financial system . The head of the Bank of England, Mark Carney, who also chairs the Financial Stability Board of the G20, wrote on Sunday that “crypto-assets pose no risk to global financial stability at this time,” citing the relative size of the overall limit From the market.

Cryptocurrencies account for less than 1 percent of the world’s gross domestic product (GDP), he said, while credit default swaps were equal to world GDP in 2008.

Some of the officials who attended the summit called for a global set of regulations that all countries could apply, but it is not clear how far the discussion on possible regulations has come.

That said, a public document published before the meeting noted that “the technology behind the cryptoactive has the potential to promote financial inclusion,” but noted that the impact on financial stability and possible uses in tax evasion and activities illegal first.

A second meeting is expected to take place tomorrow, organized through the office of the G20 President.