At the G20 summit will be to develop principles of regulation of cryptocurrency markets

At the summit on March 19-20 will host a meeting of heads of Finance and Central Banks of the G20 in Buenos Aires. The results of this meeting of world financial leaders will call on international bodies to set standards for enhanced monitoring of cryptocurrency assets, as there is a likelihood that they may at some point threaten financial stability.

Also, in the final document of the summit will be noted that the innovative technology underlying the cryptocurrency, will increase the efficiency and attractiveness of the global financial system.

“Cryptocurrencies are a threat to consumers and investors, can use them for tax evasion, money laundering and the financing of terrorism. In the form in which they exist today, they can disrupt financial stability”, — noted in the communiqué of the meeting.

Including the outcome document will indicate that the bodies that set international standards, should strengthen its control over the cryptocurrency assets and their risks, and to assess whether the need for multilateral responses.

For the first time about the need to make the regulation of cryptocurrency in the agenda for the next G20 summit, said Finance Minister of France, Bruno Le Mayor (Bruno Le Maire) in the last year.In support of this decision was also supported by the representatives of the United States, Japan, Germany, the ECB and the IMF.

In the short term, the control strategy may be to focus on the rules of combating money laundering and the financing of terrorism, and to warn consumers about the risk of trading on the cryptocurrency markets and to allow banks to accumulate cryptocurrency assets.

Cryptocurrencies have been around for quite a long time, but only last year began to cause concern among the world financial leaders. Record the growth of some cryptocurrency assets, which brought at times their investors 1,000% per week, as a rule were caused by the artificial manipulation of the markets, which at times was outright fraud.

The problem also increase hackers, who have intensified their activities in this area. Therefore, one of the main issues that also have to solve is to increase the safety of platforms and other services working with cryptocurrencies.

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