One of the discussions of the last G20 meeting was connected with the legal regulations regarding cryptocurrencies. The leaders of the countries will carefully look at the postulates of the Financial Action Task Force FATF).
Actions in accordance with FATF
An international organization dealing with financial regulations has proposed appropriate provisions regarding cryptocurrencies to G20 states. The states, in turn, urge in a special statement to take action in the field of digital assets and in the field of fintech.
While cryptocurrencies do not pose a threat to financial stability in the world at the moment, we carefully monitor new technologies and take into consideration an existing and also possible future risk.
The next step for the world's leading economies should be the implementation of the regulations that were proposed by the FATF. These mainly concern trading, owning, transferring and storing cryptocurrencies.
We confirm our commitment to implement standards related to cryptocurrencies as proposed by FATF. They also apply to the fight against money laundering and the financing of terrorism.
It is not the first time that the G20 countries are discussing this topic. Bitcoin is becoming more and more popular in the world, but at the same time legislators of individual countries impose more and more restrictions. Last year, leading crypto exchanges introduced, among others, Know Your Customer (KYC) policy
and forbade some countries from participating in transactions.
The G20 meeting and all divagations about new cryptocurrencies regulations take place at a time when Bitcoin's value on the market decreases a lot
- just at the beginning of July it dropped below 10 thousand dollars.
In recent months, the situation on the market has changed, mainly because of the participation of Chinese.
They, in turn, have to face a government that has put a ban on the cryptocurrency trade.