G20, Priorities Must Be the Financial Stability of Cryptocurrency Assets and Consumer Protection

There is no threat to the global financial markets, but there must be preventative measures for poor investment, money laundering and counter-terrorism

On June 8th and 9th, there was a heated discussions regarding the upcoming G20 finance ministers' meeting that will occur later in the month at the G20 summit in Osaka about the regulation of virtual currency.

Christine Lagarde, the chairman of the International Monetary Fund said, she would launch a full-fledged international regulatory measure against virtual currencies, admitting that there is no regulatory agreements even among the G20 member countries, even though they continuously urge caution against the dangers posed by the acceleration of the fin-tech.

The main points discussed at the G20 finance ministers' meeting are as followed:

- Integrating the various approaches of each country regarding cryptocurrency assets, non-banking financial intermediaries, and data management, which is essential in improving fin-tech's financial coverage and development

 

- Suggesting preventive measures within the fin-tech sector in order to maintain financial stability, promote improvements and protect consumers

-bringing Innovations, including those underlying cryptocurrency assets, which can bring significant benefits to the financial system as well as the overall economy

- Keeping eyes on consumer and investment protection, money laundering, and counter-terrorism; although cryptocurrency assets do not pose a threat to the stability of the global financial system at this point, we need to continue to be wary of risks

- Reaffirming commitments to apply the recently revised Financial Activity Working Group (FATF) criteria for cryptocurrency assets or related businesses to take countermeasures against money laundering and terrorist fund contributions; we look forward to adopt FATF guidance on cryptocurrency assets at this month's gathering.

- Welcoming IOSCO's report on the cryptocurrency asset trading platform regarding consumer and investment's protection and market health.

- Welcome FSB's report on current response, regulatory access and potential gaps in the code asset manager's ledger or cipher assets.

- Asking the FSB and the set-up body to monitor risk and review work to manage international responses as necessary.

- Welcoming FSB's report on decentralized financial technology so that it informs people regarding the potential impact it will have on financial stability regulations and how authorities will be able to enhance their conversations with a broad range of stakeholders.

- Welcoming the progress of FSB's initiative to continue strengthening efforts to enhance cybersecurity while also unveiling an effective response to cyberattacks or to recover from them.

Until now, G20 continued to monitor the risks that cryptocurrency assets (virtual currency) pose to the financial system, while seeking to overhaul the law. In the upcoming G20 finance minister's meeting, while it is gear toward promoting blockchain technology-based economy, the G20 finance minister's meeting with the central bank seems to have not changed the G20's stance regarding its concerns for the impact of the market's health.

Reporter James Lee (news@dailycoinews.com)의 기사 더 보기

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