Last week in Buenos Aires, Argentina, the G20 summit was held, a group of 20 major economies of the world. Regulation of the crypto currency has become one of the main topics discussed among the representatives of states.
The importance of everything that was said about in Argentina can not be understated. The decisions taken by the Big 20 will affect the world's crypto currency market.
The main message: we will not ban, but we will regulate the market. This is very positive news, given how many doubts and fears caused the positions of China, the US and Japan.
CCN, in partnership with Criptomoedas Fácil, summarized the main points that were discussed during the meetings. In July, the first concrete proposals for regulation should be submitted, so it is very important to follow the development of the topic, which will bring institutional legitimacy to the crypto-currencies.
- States should accept crypto-currencies and Blockchain
Participants of the G20 recognized that, given the current economic situation, citizens have the right to use crypto-currencies. In addition, regulators are aware that the adoption of digital money will help governments improve the welfare of the population.
- States recognize the destruction of the traditional economy
Ministers also agreed that the traditional economy is going through a transition process and it is already impossible to separate digital technologies from it.
- Regulation is inevitable
Regulation is an inevitable process. The rules should apply to crypto-currencies, as well as to any other types of business.
- Regulate, but not prohibit
Members of the G20 unanimously agreed that crypto currency is important and represents a revolution in the economy and social organization, so they can not be banned, but they need to pass the regulatory process.
- Regulation will not hinder the development of technology, but taxation is very likely
It is also clear that the regulatory process will be carried out very carefully, without imposing strict rules that hinder the development of technology. Nevertheless, operations with crypto-currencies, as well as with any other forms of money, will be taxed.
- In July, the first proposals for regulation will be presented
Stewards of central banks, the Financial Action Task Force on Money Laundering and the Organization for Economic Co-operation and Development (OECD) are called upon to take responsibility for the G20 regulatory proposals. The first practical comments on regulation will be presented in July this year at the IIIrd meeting of finance ministers and central bank stewards.
- Combating economic crimes
Normative proposals will mainly focus on the prevention of any illegal activities, such as the financing of terrorism and money laundering. Also regulators will take measures to protect users from fraud in ICO and other crypto-currency projects.
- Transaction tracking and KYC
There is still no consensus on how to monitor crypto-currency assets, whether it is worthwhile to put "tags" on them, so that if necessary, you can determine where they came from and where they are transferred. It is also important to pay special attention to the standards of KYC and Digital Identification.
- Europe develops its own regulations
Europe intends to lead the process of regulating the Crypto-currency, so it will not wait for the G20 positions to be announced in July. European countries have set up their own working group to discuss this issue and introduce practical standards in Europe without waiting for the G20 proposals.
- Self-regulation
Although this issue was not addressed at formal meetings, the process of self-regulation, which is gaining momentum in Japan, Puerto Rico and the US, sparked heated discussions on the sidelines and eventually became the most discussed topic.
Original source:http://telegra.ph/O-budushchem-kriptovalyut-10-glavnyh-tezisov-s-sammita-G20-04-04-3