The Minister of economy, industry and competitiveness of Spain Roman Escolano Olivares (Román Escolano Olivares) believes that the European Union will not wait for a harmonized at the global level for the regulation of cryptocurrencies.

On the sidelines of the G20 summit, the Spanish Minister said that he sees the cryptocurrency a threat to the world financial system. However, he identified two fundamental problems related to cryptocurrency assets — use them in illegal activities and protect the rights of consumers.

“There is General agreement that now we cannot assume that the cryptocurrency asset represent a risk to global financial stability, but it is a subject that we need to be actively involved,” said Olivares.

The Minister noted that it is important to decide which can play a role of cryptocurrencies in illegal financial transactions and terrorism financing. According to him, it is very important to establish clear rules that prevent “the development of such activities”.

“Thus, the FATF, which is an international body governing this activity has a very clear position, in which it is necessary to monitor and propose legislation in the world to prevent such actions,” he added.

The Spanish Minister stressed that the European Union will not wait for global agreement on currencies. He noticed that the new digital economy must play its role in “financing public goods, the social security system and collective needs.”

“The European Commission will propose a Directive on how this new economy can participate in the financing of state budgets. Spain aligns itself with the statements of other European colleagues, and we want to move forward without having to wait for a global agreement. There are huge problems of distribution of income and new the digital economy could significantly help countries in the fight against this problem”, — concluded the Minister.

At the summit of the financial leaders of the G20, it was decided to postpone the issue of regulation of cryptocurrency to the next meeting in July. It is expected that International standards bodies will be developed specific recommendations.