G20: Summary of the 10 most significant decisions taken in relation to cryptocurrency

Last week, the G20, the group of 20 largest economies, was held in Buenos Aires, Argentina. The regulation of cryptocurrency was among the main topics discussed by the multilateral group. The importance of everything that was discussed in Argentina may have an impact on the market in the crypto world. The main message was: will not block, but will regulate the market. Very good news was that there were many doubts about how the group, including China, the United States, Japan, among others, would solve the problem.

In July, the first concrete regulatory proposals should be made, it is important to follow all the development of the theme that will bring institutional legitimacy to the crypto-currencies like Bitcoin, opening the way to large investors and institutional markets worldwide.

1. cryptocurrency / blockchain should be adopted by countries The
   G20 participants agreed that crypto-currencies have the power to put people who today are outside the economic system. In addition, they realize that they can (and should, according to the Spanish Minister of Finance) help governments to expand social policies.

2. The countries recognize the disappearance of the traditional economy The
   Ministers also agreed that the traditional economy is in transition and it is no longer possible to separate the digital age economy.

3. The regulation is inevitable The
   regulation is an inevitable process, and although the economy is digital, the citizens are real and rooted in a country, as well as in companies. Rules must be imposed, as in other types of businesses.

4. To regulate but not ban
   the G20 members agreed unanimously that the crypto-currencies are important and represent a revolution in the economy and social organization, so they can not be banned, but they must go through a regulatory process.

5. The regulation will not prevent the breakthrough, but taxation is almost certain
   it was also clear that the regulatory process would be managed very carefully, so as not to impose strict rules that hinder the development of technology . However, the application fee, which can occur in different parts of the process, is virtually certain.

6. The first regulatory proposals will be presented in July
   The presidents of central banks, the Financial Action Task Force (FAFT) and the Organization for Economic Co-operation and Development (OECD) will be responsible for regulatory G20 proposals. The first regulatory practices proposals will be presented in July at the 3rd meeting of finance ministers and central bank presidents.

7. Crime Prevention
   Regulatory proposals will focus on preventing any illegal activity, such as terrorism financing, the currency evasion, money laundering and consumer protection, including avoiding scams by ICO, projects of cryptomonnaie.

8. Tracking and KYC
   There is still no consensus as to how the crypto-active should be monitored or marked in order to identify where they come from and where they go. However, KYC and Digital Identity Standards should be key points in the discussions.

9. Europe wants to lead the process outside the G20 The
   Europe intends to lead the cryptomonnaies regulatory process, but will not wait for the G20 position before July. A group of countries on the continent has set up a working group to discuss the issue and implement practical standards for Europe even before the 20 present their proposals.

10. Self-regulation
    Although the topic was not discussed at formal meetings, behind the scenes, the self-regulatory process that has gained ground in Japan, Puerto Rico and the US has been much discussed and could possibly grow agenda.