G20 releases official statement on crypto markets

23 Jul, 2018
by Arthur Sillers
News
G20 releases official statement on crypto markets

Today the G20 summit released a report which included an official opinion on crypto following the summit held over the weekend with heads of state and global financial leaders in attendance.

The G20 summit is held in Buenos Aires, Argentina and is an annual meeting wherein financial and government leaders gather to discuss matters of worldwide economic stability.

Prior to the summit, the Financial Stability Board, another international coalition seeking to foster economic development and stability, submitted their opinion on crypto assets which detailed the risks of various scams and market manipulation while giving guarded optimism about crypto's future role in global economics.

The G20's communique focused on infrastructure development and sustainable monetary policy, but did include official word on the group's opinion on cryptocurrency.

The report maintained that technology and cryptocurrency offered promising opportunities for growth and innovation, while noting the risks for instability as well as malevolent uses of the new markets.

The statement further included a call to action on the part of the Financial Action Task Force (FATF) to clarify and define regulation and to work towards developing policy implementation which supports new technologies while protecting consumer investment.

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