The G20, the group of the world’s 20 largest economies, had begun discussions this year to build a regulatory plan for the cryptocurrency market and those talks are set to continue this week.
Criptomoedas Fácil, was the only specialized press from the crypto/blockchain industry present at the event in Buenos Aires and closely followed all related discussions in the Argentine capital at the beginning of March. There were several positive developments, among them, the recognition by state leaders of the importance of cryptocurrencies and their role in revolutionizing many banking procedures.
In order to allow the state as a whole to adopt the technology, regulators have decided that it is necessary to construct regulations in order to prevent the crypto industry from being used by malicious agents to commit crimes and to protect users from fraud, However, the group of 20 stressed that the proposed regulation cannot be so hard as to hinder the development of technology. It was also defined that the first practical regulatory proposals will be presented at a new meeting of the group in Buenos Aires in June at the 3rd meeting of finance ministers and central bank presidents.
Now, global economic leaders will meet today and tomorrow, April 19-20, in Washington DC for the Second G20 Meeting of Finance Ministers and Central Bank Governors, where they will define specific policies and continue to discuss the agenda items for the month’s meeting passed in Buenos Aires. As a result, proposals for regulation of the cryptocurrency market is expected to take center stage alongside other themes of the global agenda such as protectionism and the possible financial impact that the escalation of violence in Syria can bring to the globe
The IMF and the World Bank Group will also be participating in the meeting that will be attended by 55 delegations, whose heads include 22 finance ministers, 18 central bank governors, and 9 international organization leaders. The meeting immediately follows the Third Meeting of G20 Finance Deputies being held on 18 April. Its agenda includes discussions toward the future of global commerce and risks to the global economy, including financial vulnerabilities.
As one of the three priorities of the Argentine G20 presidency for 2018, the debates on the future of work will look into the current and potential effects of new technologies on the job market, growth and employment, with a particular focus on inclusion, fairness, and gender equality. The objective is for consensus to be reached to enable progress on a public policy document which will be released in June when the first practical proposal for crypto regulation must also be presented.
Meeting participants will evaluate recent financial developments in order to identify the risks to the global economy, adequate preventative measures, and necessary actions to take in the case they materialize. There will also be a session dedicated to the Compact with Africa (CWA), an initiative launched by the German G20 presidency in 2017, to promote private sector investment in Africa.