World economic leaders set a final date for putting forward proposals regarding the regulation of cryptocurrencies.
Speaking on Tuesday after a meeting of G20 Finance Ministers in Buenos Aires, the Chairman of the Central Bank of Argentina Federico Sturzenegger (Frederico Sturzenegger) said that the present member countries agreed that cryptocurrencies need to be explored and then controlled.
However, during the press conference Sturzenegger noted that members had established for recommendations specific period in July, saying:
“In July, we should offer specific, very specific recommendations, not to talk about “what we regulate?”, but “what data do we need?”
However, with this plan, not everyone agrees. On Monday, the President of the Central Bank of Brazil Ilan Goldfine said that in his country cryptocurrencies will be regulated not. As reported by news service El Juan Carlos I, Brazil will not necessarily follow the rules on the cryptocurrency or other issues outlined in the G20.
Meanwhile, the group has undertaken to apply to the cryptocurrency standards development Group for financial measures against money laundering (FATF), an intergovernmental body established to combat money laundering and the financing of terrorism.
In a communiqué issued on Tuesday afternoon said:
“We undertake to implement the FATF standards in relation to scriptactive, the expected revision of the standards and urge the FATF to foster their global implementation. We call on international standard-setting bodies to continue monitoring scriptactive and the associated risks, in accordance with their mandates and to assess multilateral responses”.
Representatives of Central banks and government officials in favour of a closer look at the impact cryptocurrencies can have on crime, investors and the global economy. So financial officials from France and Germany declared in a joint letter that cryptocurrencies “can present significant risks for investors”, and the Secretary of the Treasury Steven Mnuchin (Steven Mnuchin) expressed concern about their use in illegal activities.
Some officials present at the meeting, held at the highest level, called for the development of a global set of rules that could apply to every country, but it’s unclear how far along the discussion of possible rules.