G20 to issue statements on cryptocurrencies in an upcoming summit – Cryptocurrency News

The group of 20 nations, G20, will take the stage to address the issues concerning cryptocurrencies in the summit of heads of central banks and finance ministers scheduled for October 18. The group will prepare two statements dedicated to the digital assets and the subjects of taxation in the digital economy. The members have cited concerns that crypto coins might be a threat to the stability of the global financial system.

The G20 leaders plan to make a statement on the issues related to the crypto industry in an upcoming summit of the heads of central banks and finance ministers set to take place in Washington on October 18. According to the deputy finance minister of the Russian Federation, Sergey Storchak informed that the group will prepare two statements applied to digital assets and the issues of taxation in the digital economy.

Storchak reported that those questions required consideration. “That’s a good sign that the G20 and BRICS countries start to react to the issue. Now both central banks and finance ministries feel that they need to address these questions,” he added.

Storchak concludes that the global authorities do not have to deliver swift decisions as the circumstances are not as crucial as they were during the subprime mortgage crisis. During that time, the officials were too late with the relevant regulations. Today, they work as what’s required.

Earlier, the members of G20 stated concerns that cryptocurrency might endanger the confidence of the global financial system. Precisely, G20 countries prompted the Financial Stability Board (FSB) and global regulators to estimate hazards related to digital coins. They also backed cryptocurrency industry regulation produced by FATF ( Financial Action Task Force on Money Laundering).

Saloni Sheelwant
Saloni Sheelwant treasures to research and write about the new startups and technologies thriving at a very fast pace.

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