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European Central Bank Is Looking Forward G-20 Summit To Regulate Cryptocurrencies

Mar 01, 2018 Posted /  4909 Views

European Central Bank Is Looking Forward G-20 Summit To Regulate Cryptocurrencies

Group of 20(G-20) is an international forum where 20 leading industrialized economies take part. The thirteenth G-20 forum will take place on 17th and 18th March at Buenos Aires in South America. Countries like Japan and U.S.A. are going to be part of the forum which indicates chances of final standpoint on virtual tokens.

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This is the second meeting of Finance and Central Bank Deputies gathering from around the globe and would be discussing the necessary regulations to be introduced for circulation of cryptocurrencies. The European Union has warned a number of times regarding the involvement of high-risk factor in crypto trading and possible dangers that an economy can encounter if not governed at the right time.

“We do not exclude the possibility to move ahead by regulating cryptocurrencies at the EU level if we see, for example, risks emerging but no clear international response emerging. This is a global phenomenon, and it is important there is an international follow-up at the global level,”  

Valdis Dombrovskis, Financial Chief, European Union

Finance Ministers of countries such as Japan, Germany, Netherlands, and France have already introduced the regulations for circulation of virtual tokens. Their main point of focus was to eliminate illegitimate utilization of digital coins and combat money laundering. But statistics shows a different picture. As per data, only 1% money laundering was conducted through virtual tokens.

“This depends very much on the facts and circumstances around specific crypto-tokens. Based on the assessment of risks and opportunities and the suitability of the existing regulatory framework for these instruments, the Commission will determine if regulatory action at EU level is required”. - Valdis Dombrovskis, Financial Chief, European Union

The virtual economy is lacking transparency and speculations is prevailing at a high rate. Dombrovskis attention on the matter is of primary importance to acquaint ordinance to eliminate criminal activities.


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Tags: Cryptocurrencies virtual tokens European Central Bank

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