Finance leaders from all over the world will be discussing global rules about cryptocurrencies and related activities. Before the meeting that is expected to take part between 19 and 22 March, Japan has urged G-20 countries to agree on rules to prevent cryptocurrency use for money laundering.
Japan G-20 Position
According to Reuters, the discussions will be focused on anti-money laundering activities and consumer protection.
One of the officials commented:
“Discussions will focus on anti-money laundering steps and consumer protection, rather than how cryptocurrency trading could affect the banking system. The general feeling among the G-20 members is that applying too stringent regulations won’t be good.”
Japanese specialists believe that even when there is consensus among G-20 nations about possible regulations on the market, other countries have looser regulations than others, something that could allow for money laundering activities.
This is not the first time that Japan wants to impose a regulatory agenda for the G-20. In the past, Japanese Finance Minister, Taro Aso, commented that Bitcoin is not a credible currency and that it must be watched some more time to be considered one.
At the same time, other G-20 countries like Germany or France have called for a wider debate about Bitcoin and cryptocurrencies.
Joachim Wuermeling, a German Politician said about bitcoin regulations:
“Effective regulation of virtual currencies would therefore only be achievable through the greatest possible international cooperation, because the regulatory power of the nation states is obviously limited.”
The main intention is to protect consumers and reduce money laundering activities. Regulations to control cryptocurrencies and the activities around them must be taken by all possible countries. As Bitcoin and cryptocurrencies are a global problem, isolate regulations and completely different among countries will just lead to deeper problems.
Consensus among G-20 members already exists. Now it is time to see which will be the regulations that will be imposed to the cryptocurrency market and to trading activities. Will these regulations help to avoid money laundering activities? That’s yet to be seen.
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