July 23, 2018 264By Robert Johnson
“Technological innovations, including those underlying crypto-assets, can deliver significant benefits to the financial system and broader economy. Crypto-assets do, however, raise issues with respect to consumer and investor protection, market integrity, tax evasion, money laundering and terrorist financing.”Moreover:
“Crypto-assets lack the key attributes of sovereign currencies. Whilst crypto-assets do not at this point pose a global financial stability risk, we remain vigilant. We welcome updates provided by the FSB and SSBs and look forward to their further work to monitor the potential risks of crypto-assets, and to assess the 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.”Within this, the G20 are recognising an inherent advantage to cryptocurrencies but moreover, they recognise the current challenges that are faced by investors and crypto-adoptees on a daily basis. It is important the the G20 are at least exploring cryptocurrencies as they represent the most powerful central banks in the world. Overall, if a group of people have the capacity to roll out a cryptocurrency adoption programme then the G20 are that group. By remaining positive, the G20 seem to understand that they have the ability to clean up the industry in time for worldwide adoption and therefore, it is great that they are exploring the ideas of cryptocurrencies even at this early stage. As this summit continues, it could have great implications for the future of crypto.