On Tuesday during the G20 meeting of finance, the ministers in Buenos Aires, Frederico Sturzenegger said the member nations present agreed that cryptocurrencies needed to be examined, but that more information was needed before any regulations could be proposed. He said that the members had a firm deadline in July for recommendations.
In July we have to offer very concrete, very specific recommendations on, not what do we regulate? but what is the data we need?
Frederico Sturzenegger
Bankers and government officials have insisted in taking a closer look at the impact cryptocurrencies could have on crime, investors and on the world economy. While finance officials from France and Germany said in a joint letter that cryptocurrencies “could pose substantial risks for investors.”
Some of the officials attending the summit called for a global set of regulations that every country would be able to enforce, but it is not clear how far the discussion on possible regulations has gotten.
A official document released prior to the meeting noted that “the technology behind crypto assets has the potential to promote financial inclusion,” but noted that the impact on financial stability and potential uses in tax evasion and illegal activities needed to be understood first.