G20 releases official statement on cryptocurrency

  • July 22, 2018
  • 8:45 pm ET

The G20, in their mid-July meeting, declared their official position on crypto and related assets. While they outlined the risks associated with the technology, they do not appear to be opposed to its existence.

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Over the weekend of July 22nd, the 13th G20 Summit, made up of 19 individual countries and the European Union, was held in Buenos Aires, Argentina.

While the focus of the summit, titled the “Finance Ministers & Central Bank Governors Meeting,” was mainly on “the future of work, infrastructure for development, and a sustainable food future” — a number of attending countries focused on the regulation of cryptocurrencies as well.

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In a communiqué published by the G20, the group released an official statement on cryptocurrencies:

“Technological innovations, including those underlying crypto-assets, can deliver significant benefits to the financial system and the broader economy. Crypto-assets do, however, raise issues with respect to consumer and investor protection, market integrity, tax evasion, money laundering and terrorist financing. Crypto-assets lack the key attributes of sovereign currencies. While crypto-assets do not at this point pose a global financial stability risk, we remain vigilant. We welcome updates provided by the FSB and the SSBs and look forward to their further work to monitor the potential risks of crypto-assets, and to assess multilateral responses as needed. We reiterate our March commitments related to the implementation of the FATF standards and we ask the FATF to clarify in October 2018 how its standards apply to crypto-assets.”

Prior to the summit, the Financial Stability Board, “established to coordinate at the international level the work of national financial authorities,” submitted it’s report to the G20. This report outlined risks of ICOs and common market manipulation tactics such as wash trading, spoofing, and pump and dump schemes.

The Committee on Payments and Market Infrastructures (CPMI), the International Organization of Securities Commissions (IOSCO), the Basel Committee on Banking Supervision (BCBS), and the Financial Action Task Force will continue to identify and mitigate risks to consumers and investors in order to uphold market integrity.

Wikipedia published a list of unconfirmed attendees for the South American event:

Argentina – Mauricio Macri, President
Australia – Malcolm Turnbull, Prime Minister
Brazil – Michel Temer, President
Canada – Justin Trudeau, Prime Minister
China – Xi Jinping, President
France – Emmanuel Macron, President
Germany – Angela Merkel, Chancellor
India – Narendra Modi, Prime Minister
Indonesia – Joko Widodo, President
Italy – Giuseppe Conte, Prime Minister
Japan – Shinzō Abe, Prime Minister
Mexico – Andrés Manuel López Obrador, President
Russia – Vladimir Putin, President
Saudi Arabia – Salman, King
South Africa – Cyril Ramaphosa, President
South Korea – Moon Jae-in, President
Turkey – Recep Tayyip Erdoğan, President
United Kingdom – Theresa May, Prime Minister
United States – Donald Trump, President
European Union – Donald Tusk, President of the European Council
European Union – Jean-Claude Juncker, President of the European Commission


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