Cryptocurrency “Can Deliver Significant Benefits” states the G20, at an outcome of a meeting held at Buenos Aires, Argentina yesterday. This message represents a massive boost to cryptocurrency amid the bearish trend it has taken and the doubts that still trail from some world Billionaire.
The Confirmation of Cryptocurrency Potentials By the G20
The outcome of a meeting of the finance ministers and their Central Bank ministers issues an assurance to the prospect of cryptocurrencies yesterday after a meeting held at Buenos Aires, Argentina.
The G20 includes participants from Argentina, Australia, Brazil, Canada, China, France, Germany, India, Indonesia, Italy, Japan, Republic of Korea, Mexico, Russia, Saudi Arabia, South Africa, Turkey, the United Kingdom, the United States and the European Union.
The confidence delivered to cryptocurrency was issued in a communique after their meeting. According to the content of the communique, it was stated that “Technological innovations, including those underlying crypto-assets, can deliver significant benefits to the financial system and the broader economy.”
As the above was stated, the inherent deficiency was however not overlooked, as it was said that there are issues related to consumer protection, market integrity, investor protection, tax evasion, money laundering and terrorist financing, which all constitute a hindrance to the legal acceptance of cryptocurrencies as a legal substance for making transactions.
Another undeniable fact is the vivid difference of cryptocurrency and the fiat currency of countries, and that cryptocurrencies do not give global financial stability risk at the moment.
However, it was stated in the communique that they look forward to the progress of FBS in monitoring the progress of cryptocurrencies and reaffirm their commitment in the goals and objectives of The Financial Action Task Force (FATF), aimed for anti-money laundering AML, and also know your customer (KYC) ID, all in relation to the transactions using cryptocurrencies.
The assurance given to cryptocurrency in their communique is a big boost to the digital asset, coupled with the recent trend of increase in the market, despite the respite cast on the digital currency recently by some billionaires.
Also is the anti-money laundering measure put in place to tackle the problem that faces the digital currency. For the digital money to be widely accepted in the nook and cranny of the universe, steps needed to be taken to tackle the menace of consumer protection, market integrity, investor protection, tax evasion, money laundering and terrorist financing, that trails the currency.
In no doubt, the communique represents a step further in the consecutive victory for the cryptocurrency.