Deputy Finance Minister: G20 discusses regulation of the cryptocurrency market

Member States of the G20 are in search of a compromise solution to the issue of international regulation of cryptocurrencies, they are not considered as legal tender, said the Deputy Minister of the Finance of Russia Sergey Storchak.

«The countries of the Big twenty industrial now considering the options of coming to a compromise in the issue of regulation scriptaction. Consensus has already been achieved in the sense that it is not a currency. This is a product that is not legal tender. We believe cryptocurrency asset and at the global level is the dominant trend,» he said.

According to Storchak, the country’s Big twenties are unable to determine the order of the actions is to enact national legislation to regulate the market scriptaction in each of the countries or the G20, drawing on the historical experience of member States, to negotiate a multilateral agreement on the procedure for regulation of this market.

«We need to decide this question until the cryptocurrency market has not acquired global proportions. Now, he’s still local, and even international,» said Deputy Minister of Finance of the Russian Federation.

According to Storchak, all fear the emergence of another «bubble», therefore it is necessary to develop a mechanism for protecting retail investors, non-professional participants.

«Multilateral internal style is important, especially for members of economic groups – especially for the EU. It is important to agree: to act independently or at the multilateral level to develop a regulatory mechanism,» – said Storchak.

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