The material on this site is for financial institutions, professional investors and their professional advisers. It is for information only. Please read our Terms & Conditions, Privacy Policy and Cookies before using this site.

All material subject to strictly enforced copyright laws. © 2020 Euromoney, a part of the Euromoney Institutional Investor PLC.
Foreign Exchange

G20 ministers wrestle with cryptocurrency oversight

Finance ministers and central bankers at the G20 have called for greater global coordination in their approach to cryptocurrencies, but that looks a remote prospect when different regulatory bodies in the same country cannot agree a strategy.

cryptocurrencies-dollar-780

Regulators and policymakers around the world still haven’t come close to getting their heads around cryptocurrencies, but they are trying.

The G20 meeting of finance ministers and central bank governors, which met in Buenos Aires in March, acknowledged their growing importance in the world economy, calling on “international standard-setting bodies to continue their monitoring of crypto-assets and their risks, according to their mandates, and assess multilateral responses as needed”.

The G20 communique acknowledged that “technological innovation, including that underlying crypto-assets, has the potential to improve the efficiency and inclusiveness of the financial system and the economy more broadly”.

However, it warned of the increased risks around consumer and investor protection, market integrity, tax evasion, money laundering and terrorist financing.

“Crypto-assets lack the key attributes of sovereign currencies,” it states. “At some point they could have financial stability implications. We commit to implement the Financial Action Task Force (FATF) standards as they apply to crypto-assets, look forward to the FATF review of those standards, and call on the FATF to advance global implementation.”

The scale of this challenge is perfectly illustrated by the confusion among US regulators regarding who is responsible for this oversight – and even what it is exactly they are overseeing.


You have reached premium content. Please log in to continue reading.

Read beyond the headlines with Euromoney

For over 50 years, our readers have looked to Euromoney to stay informed about the issues that matter in the international banking and financial markets. Find out more about our different levels of access below.

SUBSCRIBE ONLINE TODAY

Unlimited access to Euromoney.com and Asiamoney.com

Expert comment, long reads and in-depth analysis interviews with senior finance professionals

Access the results of our market-leading annual surveys across core financial services

Access the results of our annual awards, including the world-renowned Awards for Excellence

Your print copy of Euromoney magazine delivered monthly

£73.75 per month

Billed Annually

FREE 7 DAY TRIAL

Unlimited access to Euromoney.com and Asiamoney.com, including our top stories, long reads, expert analysis, and the results of our annual surveys and awards

Sign up to any of our newsletters, curated by our editors

LOGIN NOW

Already a user?

We use cookies to provide a personalized site experience.
By continuing to use & browse the site you agree to our Privacy Policy.
I agree