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Last week, the G20, the group of the 20 largest economies in the world, took place in Buenos Aires, in Argentina. The regulation of cryptocurrency was one of the main topics debated by the multilateral group. The importance of everything that has been discussed in Argentina can have an impact on the crypto market in the world. The main message was: We will not ban, but will regulate the market. A very good news was that there was a lot of doubt about how the group, including China, the United States, Japan, among others, would solve the problem.
NCC, in partnership with Criptomoedas Fácil, summarized the main points discussed at the meetings. In July, the first concrete proposals for regulation should be presented, so it is important to follow the entire development of the theme that will bring institutional legitimacy to crypto-currencies like Bitcoin, thus opening the way for large investors and institutional markets around the world. . ]
1. Cryptocurrency / blockchain should be adopted by the countries
The G20 participants recognized that cryptocurrencies have the power to insert people who, today, They are on the margins of the economic system. In addition, they realize that they can (and must, according to the Spanish Minister of Finance) help governments to expand social policies.
2. Nations recognize the disappearance of the traditional economy
Ministers also agreed that the traditional economy is in the process of transition and that it is n & n It is no longer possible to separate the digital era from the economy.
3. Regulation is inevitable
Regulation is an inevitable process, and although the economy is digital, citizens are real and are rooted in a country, as well as in businesses, so rules must be imposed, as in other types of businesses.
4. Regulate but not prohibit
The G20 members unanimously agreed that cryptocurrencies are important and represent a revolution in the economy and social organization, so they can not be banned, but they have to go through a regulatory process.
5. Regulation Will not Prevent Technological Breakthrough, But Taxation Is Nearly Secure
It was also clear that the regulatory process would be managed very carefully so that Strict rules are not imposed that hinder the development of technology. However, the application of fees, which can occur in different parts of the process, is virtually certain.
6. The first regulatory proposals will be presented in July
The Presidents of Central Banks, the Financial Action Group (FAFT) and the Organization for Cooperation and Development (OECD) will be responsible for G20 regulatory proposals. The first practical regulatory proposals will be presented in July this year at the 3rd meeting of Finance Ministers and Central Bank Presidents.
7. Prevention of Crime
The regulatory proposals will focus on preventing any illegal activity, such as the financing of terrorism, monetary evasion, money laundering and terrorism. consumer protection, in particular by avoiding scams.
8. Tracking and KYC
There is still no consensus on how crypto-actives should be tracked or marked in order to be able to identify where they come and where they go. However, the KYC and Digital Identity standards should be key points in the discussions.
9. Europe wants to lead the process outside the G20
Europe intends to lead the process of regulating cryptocurrencies, but n & # 39; Will not wait for the G20 position until July. A group of countries on the continent set up a working group to discuss the issue and implement practical standards for Europe even before the 1920s presented their proposals.
Although the subject was not discussed at official meetings, behind the scenes, the process of self-regulation that has gained ground in Japan, in Puerto Rico and the United States has been very commented and could possibly piece on the main agenda.
Image from Shutterstock to photo
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