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March 13, 2018

Japan will urge its G20 counterparts at a meeting next week to speed up efforts to prevent cryptocurrencies from being used for money laundering, Reuters quoted a government official as saying.

“Discussions will focus on anti-money laundering steps and consumer protection, rather than how cryptocurrency trading could affect the banking system,” one of the officials said.

He added the the general feeling among the G20 members is that applying too stringent regulations won’t be good.

The official said the choice of some nations to have looser regulations than others, leaves loopholes for money laundering.

France and Germany said earlier they would make joint proposals to regulate the bitcoin cryptocurrency market.

Finance ministers and central bankers of the Group of 20 major economies will meet in Buenos Aires on March 19-20, with cryptocurrencies set to be on the agenda.

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