G20 is Having a Meeting in Washington to Discuss Crypto Regulations
G20 which mainly consists of the world’s largest and strongest economies have already started discussions about crypto regulations. The discussion is very sensitive to them, and they are keeping it very private. In fact, their last meeting held in Buenos Aires they only allowed only CNN and locked out all other media companies. The discussion has been going on in the Argentine capital where the G20 Summit was held last month.
The G20 summit had several developments with most of the leaders noting the importance of digital currencies especially in revolutionizing the banking sector. The countries agreed to regulate to the industry in order to allow counties to adopt digital currencies as a whole and also protect the industry from being used by malicious agents to do crimes and also protect users from fraud.
The group also agreed that the proposed crypto regulations should not be hard on cryptocurrency in order to encourage the growth of the technology. The first practical proposals are set to be presented to the meeting to be held on June 3rd in Buenos Aires. The June meeting will be between finance ministers and Central Bank Presidents.
From yesterday global economic leaders have been meeting in Washington DC. The main agenda of the meeting is to define policies about digital currencies. They are also discussing the possible financial impact that is brought by the violence being experienced in Syria.
The current meeting is also attended by the IMF and the World Bank. More to that 22 finance ministers are present, 9 international organization leaders and 18 Central Bank governors. The meeting has happened two days after another similar one held by deputy finance ministers held to discuss global commerce, financial vulnerabilities, and the general global economies.
The meetings are following the three main priorities discussed at the G20 summit in Argentina where cryptocurrency was one of the main issues discussed. More to that the effects of new technologies on the job market, employment and growth. A consensus is expected to be reached at the June meeting when the main practical proposal for a crypto regulation will be tabled. The participants of the meeting will be expected to evaluate all the current financial developments in order to identify their effects on the global economies.