G20 Forum Shelves Deadline For "Very Specific Recommendations" On Crypto

Authored by William Suberg via CoinTelegraph.com,

Cryptocurrencies will continue to receive a broadly hands-off approach from the G20 until at least October, a meeting of the forum confirmed July 21-22.

image courtesy of CoinTelegraph

A summary of interim decisions made by the dedicated Finance Ministers & Central Bank Governors (FATF) group sees any hard-and-fast regulatory steps regarding cryptoassets remain absent.

The results follow a four-month consultation period which FATF enacted during a previous gathering in March. At the time, representatives said they were obliged to create what they called “very specific recommendations” for how to approach the cryptocurrency sphere at international level.

In the intervening months, however, it appears that position has considerably softened.

“[W]e ask the FATF to clarify in October 2018 how its standards apply to crypto-assets,” the summary requests.

In brief comments about the general mood towards cryptocurrency, the G20 adopts a similarly balanced view, stating the technology contains both “benefits” and “risks.”

“Technological innovations, including those underlying crypto-assets, can deliver significant benefits to the financial system and the broader economy,” the document continues:

“Crypto-assets do, however, raise issues with respect to consumer and investor protection, market integrity, tax evasion, money laundering and terrorist financing.”

Such vocabulary echoes the angle that emerged from G20 activities throughout the year, and also represents more recent comments from constituent participants such as the European Union. Earlier this month, a French government report under finance minister Bruno Le Maire, who had publicly called for the G20 to debate cryptocurrency, likewise recommended avoiding direct regulation.

Comments

Otsegoflesh Cryptopithicus Homme Mon, 07/23/2018 - 17:23 Permalink

I agree that crypto cannot be stopped, but governments can most certainly make buying, selling, and using crypto very difficult. Just like they routinely shutdown sports betting pages and torrent sites, they can shutdown exchanges... they can also ban banks from allowing fiat-to-crypto transactions. Can you get crypto offline and with cash? Yes, but it sucks. 

In reply to by Cryptopithicus Homme

lookslikecraptome Otsegoflesh Mon, 07/23/2018 - 19:48 Permalink

It only exists as long as the powers that be want it to exist. Click on drudge and try to find this article. The NYT has no mention of crypto anywhere. That is the problem for mass adoption. Look at the list of over 50 periodicals. That is what middle america reads. They r needed for mass adoption. How many of those links have this 'major' news for crytpo even reported.

The coin rags are not listed, hedge is. Look at the amount of comments crypto does not get even on the crypto rags.

25 0r so is the most comments I have ever seen on discus. U guys get the discussions about BTC, BCH and eth et. al and mining etc. 

The rest of the world does not seem to care. They do not even like to take risks on trading the es/sp on regulated exchanges.

The rest of the world listens to gates, buffet, munger etc. they do not even have a clue about hedge/reddit and the coin rags.

It is the mass adoption that is a problem from where I sit. Try buying tires with crypto. Medicine?? etc. a roof?? Good luck with that.

In reply to by Otsegoflesh

Bill of Rights Mon, 07/23/2018 - 14:42 Permalink

“Crypto-assets do, however, raise issues with respect to consumer and investor protection, market integrity, tax evasion, money laundering and terrorist financing.”

 

They Said the same shit about Gold....YAWN!

Calculus99 Mon, 07/23/2018 - 15:41 Permalink

“Crypto-assets do, however, raise issues with respect to consumer and investor protection, market integrity, tax evasion, money laundering and terrorist financing.”

You forgot one of the old favourites -

PEDOS are using Bitcoin!

(cracking down on CCs will make you all safe!)