Cryptocurrency Talks at the G20 Summit
The world’s 20 leading industrialized economies to come together at the G20 Summit and until this point, it seemed that most countries were pushing for cryptocurrency regulation to be discussed at the summit. Steven Mnuchin, U.S. Treasury Secretary, announced that he plans to start a discussion on cryptocurrency regulation at the March meeting and that is when we first heard about the potential for these talks at the start of February. Shortly after, on February 9, both Germany and France announced that they want a cryptocurrency discussion at the 2018 G20 summit because both believe the sector “could pose substantial risks for investors” prompting them both to discuss more about cryptocurrency regulation Reuters reported.
On top of the U.S., Germany, and France pushing for crypto regulation to be discussed next week, we now know that Japan wants there to be a lengthy discussion on the negative effects of crypto money laundering at the Buenos Aires-based meeting.
Japan to Discuss Crypto Money Laundering
Most people are aware that cryptocurrencies are susceptible to illegal activity, such as crypto money laundering, therefore it makes considerable sense that Japan has called for this to be discussed. Reuters reported the news on Tuesday, citing a government official close to the matter. According to the official, Japan plans to discuss “anti-money laundering steps and consumer protection.”
As needed as this discussion might be, the chances that the G20 finance leaders will agree on specific rules are quite low, considering each country has a vastly different approach to the cryptocurrency sector. For instance, Japan wants to focus on the ways in which the world could stop crypto money laundering “rather than how cryptocurrency trading could affect the banking system,” but we know that other nations are going to fight hard for the latter to be discussed.