Members of the G20 concluded that central banks should coordinate discussions on crypto-currencies. Finance Minister of Brazil Enrique Meirelles said:
"There are discussions about whether the crypto currency is a coin or a digital asset, technical processes are discussed. The issue will be considered in more detail by the presidents of central banks. "
The president of Brazil's central bank, Ilan Goldfine, argued that crypto-currencies do not have the necessary level of stability to become a safe and legitimate form of payment. Goldfine believes that it is more correct to define Bitcoin and Altkoins as "crypto-assets" rather than "crypto-currencies".
It's not official yet, but it has already been said that the participants have no intention of prohibiting Bitcoin and other crypto-currencies. They will rather create rules to prevent their use for illegal activities: money laundering, pyramids and Ponzi schemes. But there is still no global consensus about effective action. The G20 should consider the issue of more careful monitoring and enterprise specific actions.
Representatives of the Central Banks of Europe most of all insisted on regulation. The issue fell on the agenda because of appeals from the relevant authorities of France and Germany. The government and regulators in Britain, for example, announced at the G20 that they will analyze in detail the potential risks of crypto currency.
The head of the Central Bank of Japan, Haruhiko Kuroda, confirmed that among the G20 politicians there are active debates about how to find the right balance between the need to protect consumers from theft and the risk of killing innovations by excessive regulation. "There are areas where rules can be strengthened, such as consumer protection and money laundering. But we also need to make sure that we do not kill new technologies. "
You are always welcome to contact us.
Subscribe to 482.solutions blog
Get the latest posts delivered right to your inbox