Central bankers and finance ministers of the G20 will acquire in Buenos Aires subsequent week. An expanding selection of member international locations were calling for the world discussion board to handle using cryptocurrency for cash laundering.
Reporting from Tokyo the previous day, Reuters affirmed Japanese reliable concerned within the G20 talks has said that Japan will emphasize anti-money laundering (AML) laws as they pertain to cryptocurrency all the way through subsequent week’s G20 assembly:
“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 G20 members is that applying too stringent regulations won’t be good.”
ETHNews reached out to George Selgin, senior fellow and director at the CATO Institute’s Center For Monetary And Financial Alternatives, who said, “It’s no surprise that the growing prominence of cryptocurrencies, and of bitcoin especially, is making it harder for regulators to resist getting their claws out for them.”
He went on to admit:
“I’d be surprised if the G20 summit didn’t at very least result in some new rules, with the avowed purpose of combatting the use of cryptocurrencies in money laundering; but these rules are also likely to raise the costs of using cryptocurrencies for other purposes, and they will almost certainly serve as a precedent for further rules and restrictions to come.”
The unnamed Japanese official likely understands the benefits of nations working together on cryptocurrency AML, as a single nation acting alone is unlikely to be able to create an effectual deterrent against decentralized technology that transcends national borders.
Japan joins a Franco-German effort to raise cryptocurrency discussion at the G20 conference. Other notable endorsers included US Treasury Secretary Steve Mnuchin, who recently indicated he is planning on bringing up crypto-related issues, as well as the Paris-based Financial Action Task Force, which will present cryptocurrency findings to the summit.
Recently, Japanese regulators went after flaws in AML and consumer protection safeguards during onsite inspections of domestic cryptocurrency exchanges.
Jordan Daniell is a full-time staff writer for ETHNews with a passionate interest in techno-social developments and cultural evolution. Jordan enjoys the outdoors, especially astronomy, and likes to play the bag pipes and explore southern California on foot in his spare time. Jordan lives in Los Angeles and holds value in Ether.
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