The group that consists of the 20 biggest economies in the world, G20, kicked off discussions regarding crypto regulations earlier this year. The regulatory plan has not yet been reached, but the talks are not over yet and are scheduled for continuation during this week.
The event involving multiple discussions started this year in March, in Buenos Aires, Argentina. It included multiple developments that were deemed positive for the future of cryptocurrencies. This included the state leaders’ recognition of crypto’s importance and its potential for revolutionizing banking procedures.
Crypto regulation back on the agenda
Regulators have admitted that cryptocurrencies are moving towards being accepted in the state as a whole, but for this to happen proper regulation is necessary to reduce risk from fraud and money laundering. Another issue on which the 20 have agreed is that these regulations cannot be too strict if the further development of this technology is to be encouraged.
A part of their agreement, the first practical proposals regarding the new regulation are to be presented during the next meeting of the group, in June. This will be the third meeting of presidents of central banks and finance ministers.
The second meeting of these global economic leaders is taking place on April 19th and 20th. The meeting is being held in Washington DC, and the attendees will attempt to define some of the more specific policies. The meeting will include themes regarding the global agenda, like the potential financial impact of events in Syria. But it is expected that crypto regulation will take the center stage of the talks.
The World Bank Group and the IMF will participate in a meeting that will, in total, have 55 delegations attending. Those will include nine leaders of international organizations, 18 governors of central banks, and 22 ministers of finances. This meeting is following the G20 Finance Deputies’ Third Meeting, that was held on April 18th. The discussions will include risks to the world’s economy, financial vulnerabilities, and the global future of commerce itself.
Other topics of discussion
The debates regarding the future of work will be included as one of the three priorities at the G20 Argentine presidency. The topics like new technologies’ impact on employment, job market and growth will be discussed, with additional attention being given to issues like gender equality, inclusion, and fairness. The end goal of these discussions is to reach a consensus which will help the progress of a public policy document. This document is expected to come out in June of this year, together with the first practical proposal regarding the regulation for cryptocurrencies.
During the meeting, the participants will evaluate the latest finance-related developments, so that risks to the world’s economy will be identified, preventive measures discussed, and potential necessary action for worst-case scenarios. Another session will be held, and it will be dedicated t CWA (Compact With Africa). This is an initiative that was launched in 2017 by the German G20 presidency, and its goal is to promote the private sector investment on the territory of Africa.