During the G20 summit, the Minister of economy, industry and development of the Spanish novel Escolano Olivares (Román Escolano Olivares) said that he sees the cryptocurrency threats to the international financial system and its regulation the European Union do not have to wait for approval on a global level.
On the sidelines of the summit, the Minister pointed to two fundamental problems of the cryptocurrency industry (which he prefers to call cryptogateway) is the protection of consumers and the use of digital currencies in illicit activities.
Speaking of cryptocurrencies, Olivares said:
«We came to the conclusion that now is not to be considered scriptactive threat to global financial stability, but this issue needs to be actively controlled.»
Olivares also pointed to the problem of consumer protection, noting that the national Commission securities market (CNMV) and the Central Bank of Spain has recommended investors to remain cautious.
Additionally, he noted the need to consider the role that cryptocurrencies can do in the financing of crime and terrorism. To the fact that «it is very important to have clear rules to prevent such activities,» he said
«In this regard, FATF (Group of development of financial measures of struggle against money laundering) is an international organization regulating this activity – has adopted a very clear position, which is the need of tracking and proposal of legislative norms throughout the world to prevent this type of action.»
In the Protocol of the G20 «scriptactive» is indicated as the preferred term for digital currencies, in addition, they highlighted the problems of the industry as protecting investors, tax evasion, market integrity, money laundering and the financing of terrorism.
The document also States that in July 2018 will be prepared recommendations for state regulation of digital currencies. Presumably, this will contribute to the development of the digital economy and its technology and also to discourage the use of cryptocurrencies in illegal activities.
Remarkable are the words of Olivares that the European Union will not wait for a global agreement on the issue of cryptocurrencies. The Minister said that the new digital economy should participate in the «financing public goods, the social security system and collective needs», and not to leave it to «the so-called traditional economy.»