G20 urged to implement common regulations for cryptocurrencies
As the G20 summit gets underway today I’ve been publicly urging the representatives there to work towards reaching an agreement to adopt common regulations for cryptocurrencies like Bitcoin.
It’s my view, as quoted by the Daily Express and Insider today, amongst other media, that G20 representatives must use this week’s summit to work towards an agreement to adopt common regulations for cryptocurrencies. By doing this, they will position their countries on the right side of the history books.
As such, I would strongly advise officials to consider the proactive fintech approach being undertaken by Japan. This country was among the first to adopt a regulatory framework to oversee trading on registered exchanges.
A global consensus is needed on robust guidelines for this growing industry.
Whatever people think about cryptocurrencies, they are here to stay. The number of people investing in digital currencies such as Bitcoin, Ethereum, Ripple, Litecoin and Dash is increasing all the time. As time goes on, this demand will only gain ground, as awareness and knowledge of cryptocurrencies escalates, and as issues surrounding scalability are being tackled to strengthen the transaction processing capacity.
Furthermore, with financial regulatory bodies across the globe looking to regulate digital currencies, this will provide investors with even more protection and confidence in the market.
Indeed, the implementation of strict rules will be the most effective way in which to fight cryptocurrency crime.
There will also be far less potential risk of the disruption of global financial stability, as well as increased potential opportunities for higher economic growth and activity in the countries which introduce the regulations.
This week’s summit in Buenos Aires presents a golden opportunity to move in the direction of a series of regulations to provide consumer protection and impede illicit activity.