G20 and crypto-currencies: Baby steps in the direction of the regulation

at the end of last year, as the interest in Bitcoin and its price reached its peak, suggested that the French Finance Minister, to lead a public discussion on Bitcoin at the G20 summit that ended this week.

At the conclusion of this meeting, it was agreed in relation to crypto-currencies that have a fixed deadline for July is set for recommendations for the global regulation of crypto-currencies.

There was a certain General interest in an approach to this previously unknown and confusing industry. The countries have made up to now, mostly self-steps in the direction of a regulation.

started out As the conference was a brake on the goat soon. Because the Committee for financial stability (FSB) - which coordinates financial regulation for the group of 20 economies - has the Call of some members of the G20 that called for to regulate crypto currencies to the conference.

Instead, many of the member States, but also some notable exceptions, that crypto-currencies would need to be investigated and that we need more information before any regulations can be proposed.

Therefore, were made the first steps in this direction by the G20 countries to be present in the July data and information. Subsequently, recommendations will be made, how could crypto-currencies globally regulate.

This announcement came from Federico Sturzenegger, President of the Argentine Central Bank. He said:

"In July, we need to be very concrete, very specific recommendations on the topic of "What is the data that we need?" and not "What can we regulate?".

This statement indicates, Essentially, to the fact that at least some of the Nations are in agreement that you need to collect enough tangible data and information. So that you can discuss when they get together again in July, the next steps in the direction of a regulation.

In this Phase, all the steps are only Baby steps and a pure Phase of trial and error. But at least in one direction, and shows that economic powers around the world are taking the crypto currency market seriously.

But there are, as is often the case with a group of different countries with their own Ideals, are already countries that deviate from this first step.

Brazil's Central Bank President Ilan Goldfajn said that crypto currencies are not regulated in his country. According to a report by the news service El Cronista. Moreover, Goldfajn added that he is not going to follow the G20 recommendations.

One thing that the G20 leaders agreed to almost all, was that the Task Force for Financial action (FATF) - a state-cross-body for combating money laundering and the financing of terrorism - would apply their Standards to the crypto currency markets in the respective countries.

The G20 said:

"We are committed to the FATF Standards, in relation to a crypto-asset to implement the values, look forward to the Review of these Standards by the FATF and call upon the FATF, the global implementation. We call on international standard-setting bodies (SSBs) to evaluate crypto-assets, and the risks to monitor in accordance with their tasks and multilateral responses to demand."

In the same draft Declaration was granted a deeper insight into how this financial giant crypto-currencies. The General attitude is that the G20 is "to recognize that technological innovation, including the underlying crypto-assets that have the potential to improve the efficiency and inclusiveness of the financial system and the economy as a whole"

The Conditional is:

"crypto-assets will, however, create problems in terms of consumer and investor protection, market integrity, tax evasion, money laundering and the financing of terrorism."

In addition, the G20 showed itself to be in relation to crypto currencies concerned because they believe that they are the "key features of state currencies are missing. At some point you could have an impact on financial stability".