The G20 Eyes Cryptocurrency Standardization – Cryptocurrency Regulation

The first G20 meeting of 2020 was organized in Riyadh, Saudi Arabia, from 22 to 23 February. Leaders from the world’s biggest economies discussed creating a global regulatory framework for cryptocurrencies and stablecoins.

After the end of a two-day meeting, the G20 stated that:

“Building on the 2019 Leaders’ Declaration, we urge countries to implement the recently adopted Financial Action Task Force (FATF) standards on virtual assets and related providers.”

They also stated:

“We reiterate our statement in October 2019 regarding the so-called ‘global stablecoins’ and other similar arrangements that such risks need to be evaluated and appropriately addressed before they commence operation, and support the FSB’s efforts to develop regulatory recommendations with respect to these arrangements.”

According to G20, in spite of having lots of potentials, cryptocurrencies bear certain risks. These risks, like money laundering, illicit finance, and consumer and investor…