G20 to Take Baby Steps To Regulate Cryptocurrencies

After G20 summit being in the news constantly over the past one week, the summit that took place in Argentina took serious note of how various nations’ positions in the cryptocurrency market. Following which, they have set a strict deadline of July 2018 take in account various recommendations to regulate cryptocurrencies across these nations.

However, the Financial Stability Board, the body that fosters financial regulation within the G20 economies resisted these calls given by some of the members to discuss cryptocurrencies regulation at the present conference. Instead, a majority of members came to the decision that cryptocurrencies need further examination and that before proposing any regulation, more information was necessary.

Thus, the summit instead of passing a law or coming to a decision, decided to initiate the recommendations process on ways to regulate cryptocurrencies on a global scale.

Baby Steps

Federico Sturzenegger, the chairperson of Argentina Central Bank , was the one to announce that in July the members have to offer very strong recommendations on not what should be regulated but what data was needed. Thus, what has been achieved at the Argentina G20 conference may now be seen as baby steps towards the regulations of cryptocurrencies.

It has been also been decided that the old rules will be taken into consideration rather creating new ones.

Thus, by July one can expect firm regulations on cryptocurrencies that would be practiced globally.

Also Read : “Cryptocurrencies Don’t Risk World Economies” – Bank Of England Governor Tells G20

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