In the joint statement of Finance Ministers of the group of twenty stated that they are “skeptical optimism” watching the development of cryptocurrencies and their influence on the global economy.
In a new communiqué issued on the results of the G20 meetings in Argentina States that “technological innovations, including the underlying cryptocurrency can bring substantial benefits to the financial system and the global economy”.
The report also emphasizes the nature and volatility of the market, which currently resembles the “Wild West”, but it is noted that the cryptocurrency “raise topical issues of protection of consumers and investors, market integrity, tax evasion, money laundering and financing of terrorism”.
The Finance Ministers did not specify what benefits the global economy can give cryptocurrency and noted that the cryptocurrency that is decentralized, “do not have key attribute of sovereign currencies”.
G20 say they will continue studying the long-term impact of cryptocurrencies for the global economy, and will actively follow developments in the cryptocurrency space.
Although cryptocurrency assets in real time do not represent risks to global financial stability, we remain vigilant. We welcome the initiatives of the FSB and SSB and hope that they will in the future continue to monitor potential risks that are cryptocurrencies. We reaffirm our commitment to the obligations accepted in March related to the implementation of standards FAFT, FAFT and we ask to specify by October 2018, as their standards are applicable to cryptocurrency assets.
In March, the G20 leaders decided to gather more information on the impact of cryptocurrencies, before considering the introduction of any regulation.