G20 to Discuss Cryptocurrencies Next Week

Japan will urge its G20 counterparts at a meeting next week to beef up efforts to prevent cryptocurrencies from being used for money laundering, a government official with direct knowledge of the matter said.Finance ministers and central bankers of the Group of 20 major economies will meet in Buenos Aires on March 19-20, with cryptocurrencies set to be on the agenda.But the prospects for the G20 finance leaders to agree on specific global rules and mention them in a joint communique are low, given differences in each country’s approach, the official said, a view echoed by another official involved in G20 talks.”Discussions will focus on anti-money laundering steps and consumer protection, rather than how cryptocurrency trading could affect the banking system,” one of the officials said.”The general feeling among the G20 members is that applying too stringent regulations won’t be good.”

Source: G20 meeting: Japan to prevent cryptocurrencies for money laundering – CNBC

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Craig Erlam

Craig Erlam

Senior Market Analyst - UK & EMEA at OANDA
Based in London, Craig Erlam joined OANDA in 2015 as a Market Analyst. With many years of experience as a financial market analyst and trader, he focuses on both fundamental and technical analysis while producing macroeconomic commentary. His views have been published in the Financial Times, Reuters, The Telegraph and the International Business Times, and he also appears as a regular guest commentator on the BBC, Bloomberg TV, FOX Business and BNN. Craig holds a full membership to the Society of Technical Analysts and is recognised as a Certified Financial Technician by the International Federation of Technical Analysts.
Craig Erlam