Nations forming the Group of 20 (G20) summit in Argentina this week issued Comunicado oficial de la primera reunión de ministros de Hacienda y presidentes de Bancos Centrales del G20, or first communication from the world’s central bankers concerning their work. The two page document is crammed with statements, and on the final page bankers seemed to table cryptocurrency regulations, while acknowledging both their potential for “efficiency and inclusiveness” but also “tax evasion, money laundering and terrorist financing.” Bankers urged the Financial Action Task Force (FATF) to apply their standards to “crypto-assets” in order to “advance global implementation.”
G20 Will Tackle Crypto Regs Mañana
“We acknowledge that technological innovation, including that underlying crypto-assets, has the potential to improve the efficiency and inclusiveness of the financial system and the economy more broadly,” G20 central bankers noted in their publication, Communiqué: Finance Ministers & Central Bank Governors,19-20 March 2018, Buenos Aires, Argentina. “Crypto-assets do, however, raise issues with respect to consumer and investor protection, market integrity, tax evasion, money laundering and terrorist financing. Crypto-assets lack the key attributes of sovereign currencies. At some point they could have financial stability implications.”
The G20 is an international forum for governments and central bankers from Argentina, Australia, Brazil, Canada, China, France, Germany, India, Indonesia, Italy, Japan, Mexico, the Republic of Korea, the Russian Federation, Saudi Arabia, South Africa, Turkey, the United Kingdom, the United States, and the European Union, (plus Spain as a permanent guest member). Collectively, they represent two-thirds of the world’s population and over 80% of the globe’s economic output.
“We commit to implement the FATF standards as they apply to crypto-assets,” the online posting continued, “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.” […]