Upcoming G20 Summit Could Decide On International Cryptocurrency Regulatory Framework

The strong bullish rally by Bitcoin which has been continuously featured over the past few days in the main sections of our DC Forecasts Bitcoin news site proves that there is a lot of attention geared towards cryptocurrencies as of lately.

G20 Summit Even the financial institutions and governments alike are heading towards Bitcoin (BTC) and other cryptocurrencies, even though adoption and acceptance of these crypto assets has not been the main reason for regulatory clarity.

Even though many countries are ‘working on’ regulations, there is nothing concrete or specific that has been put in place by any official body. This is very alarming, mostly because reports suggest that cryptocurrencies are popular amongst fraudsters and terrorists owing to their anonymity and privacy characteristics. Therefore, bringing regulatory clarity will not only further the crypto adoption but also regulate frauds and scams to a large extent.

In December 2018, the G20 summit held in Argentina made leaders sign a joint declaration to help foster a regulatory framework for cryptocurrencies while adhering to the Financial Action Task Force (FATF) standards.

As some Japanese media reports noted, the framework will be tabled at the upcoming G20 Summit in June 2019 at Fukuoka – where the framework is described as “a new international regulation proposal for virtual currencies” and could possibly be the first step towards regulatory clarity at an international level (f it is accepted).

One way or another, this meeting will be of utmost importance to the cryptoverse as it will mark the global acceptance of decentralization both in terms of value and information. However, this won’t be the only agenda on the meeting – the leaders will also focus on anti-money laundering and anti-terrorism financing standards.

Right now, there is a mix of investors and companies which are in favor – and a mix of ones which are not in favor of the move as the privacy aspect of cryptocurrencies would come under attack when the regulations are put in place. However, nothing is certain until the framework is officially presented and accepted.