Bitcoin, Crypto currency, Blockchain

G20 Finance Ministers: crypto-innovations offer “significant advantages”

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At the Meeting of the G20 Finance Ministers and representatives of the Central banks in Argentina was also discussed crypto-currencies. In your Abschlusscommuniqué the participants of the Blockchain technology open to all. Crypto-Assets were missing, however, the Central attributes in order to be considered as sovereign currencies.

Last weekend, gathered the Finance Ministers of the 20 major industrial Nations as well as representatives of Central banks at a summit in the Argentine capital Buenos Aires meeting. Overshadowed by a customs dispute between the United States and China, it was also about the future role of crypto-currencies in the financial system and the economy. As is clear from the final report of the meeting, you can see the potential that lies dormant in the Blockchain technology. As it says in paragraph ten of the Communiqué:

“Technological innovations, including those that crypto-currencies are based on, can bring significant benefits to the financial system and the economy in a broader sense.”

Still suspicious, look at BTC & co.

However, considering crypto-currencies with Argus eyes:

“Crypto-Assets, raise questions regarding consumer and investor protection, tax evasion and money laundering, and terrorism financing”

Of the Other crypto-currencies have not currencies, “the properties of the State”. Even if crypto-Assets, due to their comparatively low market capitalisation, were not yet a global risk for the financial stability, remain to be vigilant. In this regard, it was pleased about the further cooperation with the Financial Stability Board (FSB).

The FSB has presented to the summit participants last week, after some Back-and – Forth a report with the title “Crypto-Assets-Report to the G20 on work by the FSB and standard-setting bodies”. This provided an Overview of the crypto-related activities of the FSB and other regulatory institutions. The FSB Report was incorporated in the final report of the G20 Ministerial conference. This is for example evident in the statement that crypto-currencies were not a threat to the global financial system. This Position also has represented the FSB Chairman Mark Carney in March. This had, in turn, would speculation to the result that crypto-currencies at the summit play no role.

The Meeting of the G20 served as the Minister of Finance as a preparation for the G20 summit of heads of state in November. In the light of the recently rising BTC exchange rate, it is not excluded that the topic of crypto-currencies is also on the discussion table will land.

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