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G20 Leaders Issue Joint Statement on Cryptocurrencies

July 01, 2019 16:14
Source: Nikkei Asian Review
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The G20 leaders issued a joint statement on cryptocurrencies, at the end of their summit in Osaka, Japan. They declared their commitments, reaffirmed that crypto assets do not pose a threat to global financial stability, and requested further work done by standard-setting bodies.

News portal Bitcoin News cited the leaders as saying, “We, the leaders of the G20, met in Osaka, Japan on 28-29 June 2019 to make united efforts to address major global economic challenges. We will work together to foster global economic growth, while harnessing the power of technological innovation, in particular digitalization, and its application for the benefit of all.”


Talking about cryptocurrencies, the leaders said, “While crypto-assets do not pose a threat to global financial stability at this point, we are closely monitoring developments and remain vigilant to existing and emerging risks.”

Last month, a number of resolutions were passed at the summit and one of them was about cryptocurrencies. The resolution acquiesced that while cryptocurrencies don’t pose any threat to global financial stability, the countries would keep an eye out for risks.

It further stated, “We reaffirm our commitment to applying the recently amended FATF Standards to virtual assets and related providers for AML and CFT. We look forward to the adoption of the FATF Interpretive Note and Guidance by the FATF at its plenary later this month. We welcome IOSCO’s work on crypto-asset trading platforms related to consumer and investor protection and market integrity. We welcome the FSB’s directory of crypto-asset regulators, and its report on work underway, regulatory approaches and potential gaps relating to crypto-assets.”

The leaders’ declaration further stated, “We also welcome the FSB’s work on the possible implications of decentralized financial technologies and how regulators can engage other stakeholders. We also continue to step up efforts to enhance cyber resilience.”

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