Tuesday after the G20 meeting of finance ministers in Buenos Aires, Argentina Central Bank chair 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.
However, during the press conference, he noted that the members had a firm deadline in July for recommendations, saying:
"In July we have to offer very concrete, very specific recommendations on, not 'what do we regulate?' but 'what is the data we need?'"
In the meantime, the G20 pledged to apply the standards of the Financial Action Task Force (FATF) - an intergovernmental body formed to fight money laundering and terrorist financing - to cryptocurrency.
In statement released Tuesday afternoon, the G20 said:
"We commit to implement the FATF standards as they apply to crypto-assets, look forward to the FATF review of those standards, and call on the FATF to advance global implementation. We call on international standard-setting bodies (SSBs) to continue their monitoring of crypto-assets and their risks, according to their mandates, and assess multilateral responses as needed."
A public 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.