G20 approves monitoring of cryptocurrencies, remaining uncertain about ban

21 March 2018

Participants of the G20 discussing their concerns over the cryptocurrency spree gaining momentum, gave a nod to monitoring the industry without providing any specific comments on what should be done next. The policymakers agreed that the new market needs scrutiny and staying on alert with respect to the emerging threats, and most of them came to the general consensus that the industry should be regulated at a later stage.

Leaders visiting the G20 event noted that they call on international standard-setting bodies to keep on their efforts to monitor the cryptocurrencies and the risks involved based on the regulatory frameworks of their respective states and holding proper assessment of possible response actions.

Ignazio Visco, a governor of Italy’s central bank, made his point saying that the group of financial leaders need to put forward a task before the International Organisation of Securities Commissions (IOSCO) to bend the brain over developing due standards for the cryptocurrency market.

Meantime, Federico Sturzenegger, a governor at the central bank of Argentina, noted that the G20 leaders should bring forth their specific recommendations by next meeting of the G20 this July. Many participants also expressed their fears that the monitoring without any specific actions may be taken as an official permit by the cryptocurrency market players, making them think that their activity is legitimate to some extent.

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