Japan was the first country to adopt a national system to oversee cryptocurrency trading, although it carried out checks on several exchanges this year after the theft of $530 million from one exchange, Coincheck.
So an early cryptocurrency adopter nation, Japan, is all set to ask his counterparts in the G20 to pick up their efforts to stop these virtual tokens from being used as a tool to launder money.
But as supported by the view of another official involved in G20 talks, “the prospects for the G20 finance leaders to agree on specific global rules and mention them in a joint communique are low, given differences in each country's approach.”
The Japanese government has paved the way for a positive approach in this regard. The same country is now urging the G20 to maintain a positive approach as well. However, they do want the G20 to address potential money laundering issues.
So, Japan will urge its G20 counterparts at a meeting next week to beef up efforts to prevent cryptocurrencies from being used for money laundering, said a government official.
“Discussions will focus on anti-money laundering steps and consumer protection, rather than how cryptocurrency trading could affect the banking system,” one of the officials said.
Finance ministers and central bankers of the Group of 20 major economies will meet in Buenos Aires on March 19-20, with cryptocurrencies set to be on the agenda.
Japanese policymakers fear that while there is broad consensus among the G20 nations on the need for such steps, some nations have looser regulations than others, which leaves loopholes for money laundering, the official said.
Through CNBC, we also come to know that the likelihood that the finance leaders from the G20 will come up with global rules for governing cryptocurrencies is slim, largely because each country has taken a different approach to regulating the market. That view, noted CNBC, was the same from another officer that is involved in the upcoming G20 meeting.
The report noted that the Financial Action Task Force, a 37-nation group, plans to use the meeting of the G20 to share findings on how to prevent cryptocurrencies from being used to launder money.
Let us wait for the outcomes.
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